Home » NEWS » MGM Resorts' losses rise to $883.5M

MGM Resorts' losses rise to $883.5M

LAS VEGAS — Casino operator MGM Resorts International says its second-quarter loss widened as it absorbed a $1.12-billion writedown on its investment in CityCenter in Las Vegas.

The mammoth casino complex on the Strip cost $8.5 billion to build but has not shown an operating profit since it opened in December.

MGM Resorts said today that charge on its joint venture with Dubai World amounted to $1.64 per share during the three months ending June 30.

The Las Vegas company says it lost $883.5 million, or $2 per share, compared with $212.6 million, or 60 cents per share, last year.

Revenue rose about 3 percent to $1.54 billion.

Analysts, whose forecasts generally exclude one-time items, expected a loss of 24 cents per share on revenue of $1.46 billion.


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *