Citi initiates coverage on MGM Mirage (NYSE: MGM) with a Sell with a price target $2.50, citing the default rates at CityCenter.
Citi analyst says, "20-30% default rate at CityCenter? — Completion of this mega-project could not come at a worse time for MGM. To date, 55% of condo units have been sold, with only 20% deposits being received
