This casino operator's big business is Las Vegas, which has seen an unprecedented drop in spending -- especially around gambling -- in the last few years. Consumers aren't the only ones who have tightened their purse strings -- businesses have cut travel budgets, leading to a drop in convention activity.
Part of the company's loss stemmed from the decline in value of its City Center resort and casino complex, a joint venture with Dubai World on the Las Vegas Strip. MGM founder Kirk Kerkorian, who remains the company's largest shareholder through his investment firm Tracinda, recently announced plans to step down from the board when his term expires.
One bright spot: the company's joint venture property in Macau, which the company is planning to take public. While business has been grim for casino operators in Las Vegas, Macau has been going gangbusters.
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