MGM Mirage, the biggest casino owner on the Las Vegas Strip, reported a $750.4 million third-quarter loss after writing down its CityCenter investment. Excluding the charges, the company beat analysts’ estimates.
The break-even per share before the charges and other items compared with the average 8-cent loss projected by 20 analysts in a Bloomberg survey. Revenue dropped 14 percent to $1.53 billion from $1.79 billion, the Las Vegas-based company said today in a statement. That exceeded the $1.47 billion average estimate.
Chief Executive Officer Jim Murren is counting on CityCenter, an $8.5 billion development on the Las Vegas Strip, to increase business travel and tourism once it opens in December. Visits to Las Vegas slid 5.8 percent this year through August, after dropping 4.4 percent last year, according to the Las Vegas Convention & Visitors Authority.
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