Casino operator MGM Mirage (MGM: sentiment, chart, options) said this morning that its CityCenter Holdings LLC joint venture will postpone the opening of its Harmon Hotel & Spa on the Las Vegas Strip until late 2010. CityCenter is also scrapping the condominium component of the Harmon development, which is expected to save roughly $600 million. The remainder of the project remains on track for its December 2009 opening.

Today's announcement comes as casino operators are battling against a slowdown in the economy. MGM added that it's "actively pursuing additional financing" for the Harmon development.

In early trading, MGM is down nearly 9% at $14.54. The stock has plummeted 77.2% during the previous 52 weeks -- but, thanks to a recent rebound, today's decline has been halted by MGM's 10-day moving average.

As you might expect, option players are overwhelmingly bearish when it comes to MGM. The equity's Schaeffer's put/call open interest ratio (SOIR) arrived today at 2.97, with puts nearly tripling calls among options set to expire within 3 months. This reading is hovering just 3 points from an annual pessimistic peak.