MGM Resorts International said Monday that its CityCenter development had a net operating loss of about $45 million in the fourth quarter, but saw revenues increase about 4 percent.
The company, which owns the 67-acre Strip complex in a 50-50 partnership with Dubai World, preannounced quarterly earnings for CityCenter 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.
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