Tags: US | Earns | MGM | Mirage

CityCenter Writedown Pushes MGM Mirage to Loss

Thursday, 06 May 2010 09:41 AM

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.

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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...
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