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.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Family launches Billups Coffee with headquarters in Oxford
- Chris McDaniel responds to radio show audio clip
- ‘Just the beginning’ — Venture Technologies merging, acquiring companies
- Running luxury car dealerships, like Mercedes of Jackson, comes naturally to Trudy Higginbotham Moody
- Man indicted, accused of bankruptcy fraud
- Study: Mississippi has highest sales tax rate in U.S.
- Chaney drops lawsuit against National Flood Insurance Program
- Grenada native Donna Tartt wins Pulitzer Prize for 'The Goldfinch'
- Fight between county, insurer over courthouse fire continues
- Judge to rule on release of Kemper power plant data