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.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Mad Genius, Eyevox owner acquires Mississippi Film Studios
- Payday lender, fired executive exchanging blame for lender’s regulatory woes
- McDaniel files legal arguments as he looks to overturn Cochran loss
- UMMC reaching out after death of high school football player
- Tragedy for Jackson Prep: Football player Walker Wilbanks dies
- Fitch gives Mississippi Power a negative outlook due to Kemper plant
- UPDATED: Jackson agrees to repay HUD $1.5 million for Farish Street blunders
- Mississippi River mayors announce 'seed money' for waterfront developments
- Payday lender expects clean bill from regulators