MGM Resorts International said Wednesday that high costs kept it in the red in the fourth quarter, but it lost less than a year earlier as more people stayed at its Las Vegas Strip casinos and visitors spent more on the food, gambling, entertainment and shopping it offers.
The company's revenue rose 55 percent to $2.3 billion from $1.48 billion, but its expenses rose slightly faster at 57 percent. Key among those costs was a $96 million write-down reflecting the tumbling value of the company's Borgata casino in Atlantic City, N.J., which it is selling, and of its Silver Legacy casino in Reno, Nev.
CEO Jim Murren was upbeat in an interview and during a conference call with investors because his company is generating more cash overall. He said that will help it reduce its interest payments and debt and, by next year, return to profitability.
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