MGM Mirage Posts Loss on CityCenter Writedown
MGM Mirage says a hefty writedown related to its CityCenter joint venture contributed to a loss in the first-quarter.
The casino operator says its loss totaled $96.7 million, or 22 cents per share. That compares with a profit of $105.2 million, or 38 cents per share last year.
Excluding a gain on the extinguishment of debt of 21 cents per share and a charge of 13 cents per share on its CityCenter joint venture, net loss totaled 14 cents per share.
Revenue fell 3 percent to $1.46 billion. Results were in line with MGM Mirage’s preannouncement of its first-quarter results in April.
The value of CityCenter, a joint venture with Dubai’s government, had to be re-evaluated after a decline in Nevada’s real estate market.
LAS VEGAS (AP)
MGM Mirage reported Wednesday, April 14, 2010, that it lost about 22 cents per share in the first quarter, compared with earnings of 38 cents per share, $105.2 million, a year earlier. (AP Photo/Isaac Brekken, File)