This may not be as bad as you think. Analyst believe that MGM-Mirage will may sell The Excalibur, raze the property and build a new resort or just sell the corner. As Las Vegas tries to shed the "family destination" moniker from the early 1990's and look to more of the adult and/or convention audience, it it could be a good value for MGM-Mirage (and Kirk Kerkorian), which has the cash to spend. The Mandalay Bay's Convention Center is in the top five in terms of area in the U.S. Currently, MGM-Mirage loses some boxing cards to Mandalay Bay (specifically Don King's cards such as the Roy Jones, Jr./Antonio Tarver card in May; they generally get teh bob Aram promoted cards though), but also conventions due to this new, much larger space, basically "across the street" from the MGM Grand. Plus, the Mandalay Bay has the nation' lagest pillar-less space in the nation in terms of a convention/ballroom.

Also, I heard on CNBC that MGM-Mirage would not occupy a majority of rooms, slots, or tables on "The Strip' if allowed by shareholders plus other federal and state government regulations. Rooms would be close to 47%, and both the slots and tables would be around 45%. If downtown is included, their possible percentage is even less. Remember, MGM-Mirage sold the Golden Nugget in 2003. The down side is that MGM-Mirage would hold three of the largest hotels in LAS (if nothte U.S.) in one block, in the MGM Grand, Luxor, and Excalibur. That is not including Mandalay Bay and its new "the Hotel".

According to the gamimg analyst on CNBC, MGM-Mirage was not worried about the Las Vegas market, but more concerned with the Mandalay Bay holdings outside of Nevada.