MGM Resorts’ losses rise to $883.5M

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Published: August 3,2010

Tags: casinos, gaming

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.

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