The multibillion-dollar CityCenter entertainment complex in Las Vegas, jointly owned by Dubai World and MGM Resorts, managed to narrow its operating losses in the first quarter of this year, MGM Resorts has reported.
The US company said its operating losses in CityCenter fell from US$119 million (Dh437m) in the first quarter of last year, including an $86m "residential inventory" impairment charge, to $6m in the same period this year. MGM Resorts said there were signs of recovery in the Las Vegas market.
"Results from joint ventures reflected record quarters at both MGM Macau and CityCenter," said Jim Murren, the MGM Resorts International chairman and chief executive.
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