MGM Mirage Surges on Condo Price Cuts

NEW YORK (TheStreet) -- Shares of MGM Mirage(MGM Quote) are surging in early afternoon trading, after the casino operator said it will cut prices on some condos in its CityCenter development by 30%.

MGM announced Monday that it will close on about 2,400 units at the reduced prices in January. More than half of the units are under contract.

Sell MGM!: Against the Grain

Still, the questions remain: Is the discount low enough? And will buyers be interested in the units, discount or no discount?

The casino operator is currently in the process of developing the 67-acre, $8.5 billion project in Las Vegas. CityCenter is co-owned by MGM and Dubai World, the development arm of Dubai.

Shares of MGM have soared 4.5% to $12.08 in early afternoon trading, and the rest of casino-operator sector has followed suit. Wynn Resorts(WYNN Quote) is up 1% to $68.88, Isle of Capri (ISLE Quote) casinos have jumped 2% to $11.39 and Las Vegas Sands(LVS Quote) has grown by 1% to $17.64.

Which casino stock do you consider a winning bet for the final quarter of 2009?
	Las Vegas Sands MGM Mirage Wynn Resorts Isle of Capri Casinos Boyd Gaming

-- Reported by Jeanine Poggi in New York

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