BUSINESS BRIEFING / GAMING
From Times Wire Reports
MGM Mirage said it would write down the value of Mandalay Resort Group by $1.2 billion because cash flows at the casino company acquired in 2005 have weakened and buyers are paying less for gaming assets.
The goodwill and trademark expense will be taken in the fourth quarter, MGM said in a regulatory filing. The Las Vegas-based company, controlled by billionaire Kirk Kerkorian and the Strip’s largest casino operator, paid $7.67 billion for Mandalay.