Updated from 2:46 p.m. EDT

Casino company shares got cashed out Wednesday, as most closed sharply lower with the overall stock market.

Shares of

MGM Mirage

(MGM) - Get Report

, 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.

Merrill Lynch

(BAC) - Get Report

,

Deutsche Bank Securities

(DB) - Get Report

,

JPMorgan

(JPM) - Get Report

,

Morgan Stanley

(MS) - Get Report

and

UBS

(UBS) - Get Report

are acting as joint book-running managers for the offering.

Las Vegas Sands

(LVS) - Get Report

, 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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Elsewhere,

Wynn Entertainment

(WYNN) - Get Report

closed down 12% to $39.78.

Boyd Gaming

(BYD) - Get Report

finished down 13.7% to $9.60.

Penn National Gaming

(PENN) - Get Report

closed down 4.8% to $30.55.

Ameristar Casinos

(ASCA)

finished down 10.1% to $17.94.

Isle of Capri Casinos

(ISLE)

finished down 14.4% to $11.62.

Melco Crown Entertainment

(MPEL)

closed down 6.3% to $5.34.

Pinnacle Entertainment

(PNK) - Get Report

finished down 11.9% to $11.03.

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