It seems like circumstances for the Las Vegas Hotel giants just keeps getting worse and worse. MGM Mirage officials have announced that this economic crunch that they are currently facing has put them in one of the toughest binds that they have yet to face. The company says that this year could be the year that they may have to violate the debt covenants and lead them into a possible chapter 11 filing for sometime in the near future.

News of this hit Wall Street leaving the stock down yet another 10% in overnight trading. And while this news was anything but surprising as the gambling industry as a whole has been hit the strongest in this recession, it is still rather upsetting that the hotel and casino giants are in such a predicament.

The company along with other players in the Casino industry in Las Vegas and Macau are currently trying to liquefy some of their assets in a hope to create cash flow to rescue them from their growing debt and create equilibrium in a time that continues to be very trying.

Many in the casino industry are hoping for some sort of turn in the economy or at least a sign that the times will get better in the near future. But in the meantime, while that time seems to be lingering in the distance all they can do is focus their efforts on the now and continue to fight for the their companies to survive and continue to tread water while the time is what it is.

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