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Midway Moves Wheelman, Vegas To 2009
by Leigh Alexander
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August 5, 2008
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As Midway's losses mount, the company's recently-released quarterly results also show that it has moved two of its upcoming titles, The Wheelman and This Is Vegas, into 2009.
Former CEO David Zucker once called Wheelman, which stars actor Vin Diesel, a signature release for 2008, while Alan Patmore of Midway-owned Surreal Studios implied the aim of a "deeper" experience for open-world console title This is Vegas than in competitors Grand Theft Auto and Saints' Row.
The delays come as Midway reports a $34.8 million net loss for the three-month period that ended June 30, 2008, a shortfall that represents a 143 percent increase year-over-year from the Q2 2007 loss of $14.3 million.
"Notwithstanding the game slips and the likely delay of a return to profitability for another year, we remain cautiously optimistic that Midway will perform better in 2009 than it is expected to perform in 2008," said Wedbush Morgan analyst Michael Pachter, who also said that "the low point in Midway's turnaround story" is behind it.
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