7/31/2009 - MGM Mirage (NYSE:MGM) plans to cut the price of condominiums that have already been sold in order to appease buyers after housing values have dropped, according to CEO Jim Murren. The casino operator is reappraising the condominiums and talking to banks in order to help buyers arrange financing for completing purchases. Murren said the company plans to offer more details in the fall. He also said, "There's no debate that the market has fallen dramatically in pricing since we initially priced these units," and that customers are asking for "a total marketing strategy for them, which includes financing." Buyers who have put down deposits for the condominiums have had trouble obtaining mortgages and many are concerned with paying the initial agreed-to price due to the drop in home values.

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