Las Vegas "Continues to Grapple" With Supply Glut (WYNN) (MGM)

From Wynn's earnings release:

Gambling revenue has soared so far this year in Macau, the only place in China where gambling is legal, but the Las Vegas Strip continues to grapple with a glut of new supply, including the December opening of MGM Mirage's (MGM.N) CityCenter, at the same time consumers and businesses have cut back on travel.

Casino mogul Steve Wynn, the company's chief executive officer, told analysts on a conference call that there has been no real improvement in Las Vegas room rates, which fell nearly 9 percent in the first quarter to an average of $203.