MGM MIRAGE’s Mississippi operations slumping

MGM MIRAGE reported a third quarter diluted loss per share of $1.70, compared to income per share of $0.22 in the prior year third quarter.

The current year results were impacted by non-cash impairment charges totaling $1.17 billion, or $1.72 loss per diluted share net of tax, including a pre-tax non-cash impairment charge of $956 million related to the company’s investment in CityCenter and a pre-tax non-cash charge of $203 million related to impairment of CityCenter’s residential real estate under development.

MGM MIRAGE reported EBITDA of its Mississippi operations during the quarter was approximately $13.593 million, compared to $15.987 million during the same period last year. For the nine-month period, the company’s Mississippi operations saw operating income of $40.775 million, compared to $48.938 million during the comparable period the prior year.

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