March 17 (Bloomberg) -- MGM Mirage, the casino operator controlled by billionaire Kirk Kerkorian, said auditors questioned its ability to stay in business as the company won a two-month bank reprieve to restructure its debts.
Auditors raised “substantial doubt” about MGM Mirage’s ability to continue, the largest casino owner on the Las Vegas Strip said today in a regulatory filing. The company also reported a $1.15 billion fourth-quarter loss after writing down properties because of shrinking gambling revenue.
The auditor’s comments increase the likelihood MGM Mirage will seek bankruptcy protection from creditors. Banks granted waivers on the $7 billion bank-loan facility until May 15. The company said on March 3 it was in talks to avert a potential breach of covenants.
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