MGM Mirage loses $750M as CityCenter loses value

Nov 5th, 2009 - BusinessWeek

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MGM Mirage says it lost $750.4 million in its third quarter largely because the value of its latest casino project has fallen as gamblers spend less during the recession.

The loss of $1.70 per share the company is reporting Thursday contrasts with a profit of $61.3 million, or 22 cents per share, in the period a year earlier.

The results included charges of $1.72 per share tied mostly to the CityCenter project MGM Mirage is building with Dubai World on the Las Vegas Strip. It starts opening next month.

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