November 05, 2009
MGM Mirage loses $750M as CityCenter loses value
The Associated PressMGM Mirage says it lost $750.4 million in its third quarter largely because the value of its latest casino project has fallen as gamblers spend less during the recession.
The loss of $1.70 per share the company is reporting Thursday contrasts with a profit of $61.3 million, or 22 cents per share, in the period a year earlier.
The results included charges of $1.72 per share tied mostly to the CityCenter project MGM Mirage is building with Dubai World on the Las Vegas Strip. It starts opening next month.
MGM Mirage, in which billionaire Kirk Kerkorian has said he may cut his stake, says revenue fell 15 percent to $1.53 billion from $1.79 billion.
Analysts forecast a loss of 7 cents per share on revenue of $1.47 billion.