Monday 20 February 2012

CityCenter suffers $45 million loss in fourth quarter « The Ticket Depot

MGM Resorts International said Monday that its CityCenter development had a net operating loss of roughly $45 million in the fourth quarter, but saw revenues increase roughly 4 percent. the company, which owns the 67-acre Strip complex in a 50-50 partnership with Dubai World, preannounced quarterly earnings for CityCenter Aria Resort & Casino on Monday when it unveiled plans to refinance $240 million in debt. In a statement, MGM Resorts said it plans to refinance the debt through a private placement and said the funds, along with cash on hand, would be used to pay off $300 million of CityCenter’s $2.5 billion debt. Earlier this month, MGM Resorts said it was amending its financing for portions of CityCenter debt to extend maturity dates by a year, to 2015. JP Morgan gaming analyst Joe Greff called the refinancing a “prudent, opportunistic move” given that the credit markets have seemingly loosened in recent months.

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