Updated from 2:46 p.m. EDT
Casino company shares got cashed out Wednesday, as most closed sharply lower with the overall stock market.
, which is looking to raise $2.5 billion in capital through the sale of stocks and bonds, closed down almost 30% to $8.70.
MGM said Wednesday it plans to use approximately $1 billion in proceeds from an 81 million public stock offering and a $1.5 billion private placement of senior notes in part to pay off $1.05 billion of debt issued by its Mandalay Resort and itself, which matures later this year, as well as debt issued in connection with its Mirage Resorts and at least $750 million of a credit line.
Deutsche Bank Securities
are acting as joint book-running managers for the offering.
Las Vegas Sands
, according to a report on Bloomberg.com, will trim as many as 4,000 jobs in its Macau, China, operation. Las Vegas Sands shares finished down 15.7% to $8.65.
Mad About Options: Las Vegas Sands
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closed down 12% to $39.78.
finished down 13.7% to $9.60.
Penn National Gaming
closed down 4.8% to $30.55.
finished down 10.1% to $17.94.
Isle of Capri Casinos
finished down 14.4% to $11.62.
Melco Crown Entertainment
closed down 6.3% to $5.34.
finished down 11.9% to $11.03.
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