Tuesday, September 03, 2013 • 10:23 AM Post a Comment

Reminder's Dobbs Queries MGM Losses

posted by Maureen Turner

Should those folks counting on a casino to be Springfield’s economic savior be worried about the big losses posted recently by MGM?

Not at all, an MGM executive insists in a recent interview with the Reminder’s Mike Dobbs.

As Dobbs reports, MGM Resorts International—which is vying to build a casino in the city’s South End—“had a loss of $93 million in the second quarter of 2013.” But Alan Feldman, a vice president at MGM, told Dobbs that rather grim news will have no effect on the Springfield project.

“MGM is financially healthy and sound and is paying its bills,” Feldman told the Reminder, adding that the loss was the result of unspecified debt-management strategies.

“The loss is actually an improvement from a $145.5 million loss from the same time a year ago,” Dobbs noted.

In its campaign to defeat the casino referendum this summer, Citizens Against Casino Gambling urged voters to consider the economic woes that have faced casino companies in recent years, predicting that the revenue promised from the Springfield project wouldn’t materialize.

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