Friday 3 April 2009

MGM Mirage Up On Possible Capital Infusion; Rivals Also Up

Shares of MGM Mirage (MGM) rose sharply Thursday, a day after reports that the company may receive a capital infusion to keep its massive City Center project in Las Vegas afloat, helping send the overall casino and hotel sector higher.

Jefferies & Co. analyst Lawrence A. Klatzkin said Colony Capital LLC's potential investment in a casino project could help boost sentiment across the casino, travel and leisure sectors, which have suffered with the broad economic decline.

"Investors are looking for any good news these days," said Klatzkin, adding that he believes City Center is not going to experience another default.

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