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.
Top Posts & Pages
- UPDATED: House subcommittee tosses discrimination elements from religious freedom bill
- Lawmakers debating alternative to Medicaid expansion
- Chris McDaniel gets a thank you note from Travis Childers
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Senate passes teacher pay raise legislation
- States settle with manufacturers in DRAM price-fixing case
- Pickering collects more money from failed beef plant project
- White House hotel making comeback in Biloxi
- Reactive Surfaces files lawsuit against Toyota in patent dispute