Credit agency reaffirms debt rating

The rating affects $950 million of the $2.5 billion in debt Mirage had outstanding as of March 31. DCR said the private placement of about 16.6 million shares this week raised $416 million, which will reduce debt to about $2.1 billion.

DCR said it expects Mirage to continue to reduce debt this year with some of the estimated $350 million in annual free cash flow from Bellagio and Beau Rivage, its newest resorts.

However, Mirage is expected to begin construction of Le Jardin, a $1.3 billion resort in Atlantic City, this fall, though the company probably won't begin making substantial investments in the project until next year.

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