Fitch Ratings, a leading global credit rating agency located in New York and London, said last week that it had lowered its viewpoint and ratings of MGM Mirage from “stable” to “negative” due the deteriorating gaming sector and profit loses reported by the company as well as the difficulties MGM is facing to secure the remaining funds needed to complete the construction of the CityCenter project on the Las Vegas Strip. MGM merged with Dubai World, a commercial division of the Arab Emirate of Dubai to create a new international destination for entertainment, dining, nightlife, retail, art and design. The project, which is supposed to open in late 2008, will feature the Mandarin Oriental and Aria Hotels, the Harmon and Vdara condo towers, several shopping centers, restaurants and office and conference space.

The ratings agency, which downgraded MGM to a BB rating, said that another ranking demotion or a return to a stable outlook will basically depended on two factors: the completion of the $9.2 billion CityCenter's financing and the profit results of its Las Vegas hotels and Casinos. Jim Murren, MGM Mirage President and Chief Operating Officer said that Wall Street's comments and questions regarding the company’s financial situation had been "overdone”.

MGM Mirage, which operates the Bellagio, MGM Grand, Mandalay Bay Resort and Casino, Mirage Hotel and Casino, Luxor Las Vegas, Excalibur, New York New York, Monte Carlo Resort and Casino, Treasure Island Hotel and Casino, Circus Circus Hotel and Casino and Railroad Pass, released the company's quarterly earnings last week, revealing a 2% drop in the revenue compared with 2007. MGM Mirage officials said the company had secured $1.65 billion of the CityCenter’s financing and expected to get the remaining portion by the end of September or may be even sooner.