Casino company CFOs: Money hard to come by
A panel of casino company chief financial officers, reflecting a cross section of the gaming industry, on Wednesday painted a bleak picture for businesses looking to raise money over the next few years. The sinking national and global economies aren't going to cooperate, panel members said. The panel, which included representatives from MGM Mirage, regional casino operator Penn National Gaming, Macau casino operator Melco PBL and the Mohegan Sun Indian casino, all said money for expansions and other projects is tough to secure. "It's not a gaming or hospitality industry issue alone," MGM Mirage Chief Financial Officer Dan D'Arrigo told an audience at the Global Gaming Expo during a discussion on the state of the economy. "This is a wider issue that cuts across many other industries as well." D'Arrigo said he didn't believe any new resort development on the Strip, beyond projects under construction and expected to open next year, will be started for another five to seven years. "That's my own opinion." D'Arrigo said. "The cycle we're currently in, we'll eventually get out of. The incumbent companies that have properties today will be much stronger."