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
- Alcorn president launches new customer service task force
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- Court rules against Greenwood councilwoman; must give up office
- David Duval, former British Open winner, joins Sanderson Farms field
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Turner Grain’s bankruptcy will help consolidate lawsuits alleging breach of contract
- Peoples Bank reports quarterly loss due to bad loans
- Cochran continues to reach out to African American voters
- Senators write letter over Waters of the United States proposal