The US is a nation of gamblers, be it in property and stocks if not on the turn of a card. But while punters are returning to the tables as the economy recovers, they are still betting less than before. Daily gambling revenues on the Las Vegas strip – the flagship row of casinos in the biggest gambling destination – are down by a fifth from their 2007 peak. Recent strong baccarat revenues suggest that Asian consumers are doing their bit, but two companies illustrate the problems that are lingering after a fit of expansion and investment.

On Tuesday, MGM Mirage raised $845m of senior secured debt, paying a 9 per cent coupon. In late 2008, the company was paying 13 per cent but the improved funding costs are mostly due to a loosening up of debt markets rather than better business conditions. The company must continue to restructure its balance sheet, with fresh equity or asset sales still possible.

Private equity-owned Harrah's, whose total debt of about $22bn is a hefty 11 times last year's earnings before interest, tax, depreciation and amortisation, is in a different position. Debt maturities have been pushed out to 2014, after which they come thick and fast. Like many over-leveraged companies, the group has four years to cross its fingers and hope for a strong recovery.