MGM shares up after end of "going concern" doubt
Posted by Gavin Smith on 25 Jun 2009 at 23:06
Bosses at casino giant MGM Mirage have delivered reassuring words for the firm's future, saying there was no longer significant doubt about its chances of continuing as a "going concern".
Following the regulatory filing, Reuters reported shares in the company shot up by more than eight per cent.
The Las Vegas-based firm had said earlier this year that auditors would include the language in its annual report.
The firm has seen problems similar to many other big American players, struggling with a big burden of debt and battling falling cash flow as punters tighten purse strings during the global downturn.
Reuters added on Tuesday that shares in the firm closed at $5.84 in regular trading on the New York Stock Exchange and rose 8.4 percent to $6.33 in after-hours trading.
