Las Vegas NowMGM Mirage moves to 2nd-quarter loss amid charges
Associated Press - August 3, 2009 9:05 AM ET
LAS VEGAS (AP) - MGM Mirage moved to a second-quarter loss as the casino operator recorded hefty impairment charges and consumers gambled less amid the recession.
The Las Vegas-based company lost $212.6 million, or 60 cents per share, for the period ended June 30. In the same quarter last year, it posted a profit of $113.1 million, or 40 cents per share.
The latest quarter's results included 34 cents per share in impairment charges, and a loss of 11 cents per share related to debt retirement.
Analysts forecast a loss of 9 cents per share.
Revenue fell 22% to $1.49 billion from $1.9 billion, but still met Wall Street's estimate.
Billionaire Kirk Kerkorian has a substantial stake in MGM Mirage.
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