Travel Roundup: MGM Mirage's Default, Alaska's "Say On Pay," Las Vegas Sands Sells Malls and More

MGM Mirage may default this year -- MGM Mirage reported the company is studying its financial situation and may violate its debt agreements with its senior credit facility this year. Noncompliance and default could occur if the economy and the gaming industry continue to experience declines in revenue -- which is likely. As a preventive measure, the company is seeking a waiver to modify its agreement. The Las Vegas-based gaming company postponed its fourth-quarter and annual report to March 17. [Source: Dow Jones, Associated Press)
Alaska seeks shareholder pay approval -- Alaska Air Group Inc. seeks shareholder "say on pay" for its top five executives through its next proxy vote. The proxy, scheduled for filing on April 1, will give its stock owners a nonbinding vote on executive pay -- the board can either choose to ignore or follow the results. Shareholders proposed the executive compensation vote last year. [Source: Associated Press]

Las Vegas Sands sells Macao malls -- Las Vegas Sands Corp. reported that it hopes to avoid defaulting on loans by cutting costs and selling two shopping malls in Macao. The company raised its target savings to $250 million and is now looking for buyers for the retail spots. A deal is expected in the next few months, but the company would not comment on prices. [Source: Reuters]
Harrah's plans to cut debt -- Harrah's Entertainment, owned by Apollo Management LP and TPG Capital, is planning a debt-exchange offer to bondholders, which usually involves trading current debt for new notes at a higher interest rate or a higher position, to cut some of its $23 billion debt. The company previously did a debt exchange last year, which reduced its debt by $1 billion. [Source: Reuters]