MGM Resorts loss narrows, but Vegas still weak - Reuters

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NEW YORK/LOS ANGELES | Wed Nov 3, 2010 8:57am EDT
NEW YORK/LOS ANGELES (Reuters) - MGM Resorts International ( MGM.N), which warned last month that business at its Las Vegas casino-hotels remained soft in the third quarter, said its loss for the quarter narrowed.

The results included another write-down of its flagship $8.5 billion CityCenter resort on the Las Vegas Strip, a joint venture with Dubai World DBWLD.UL.

The high-end complex, known for its clean, modern lines rather than the neon and glitter typically associated with Sin City, has struggled as recession-battered consumers and businesses have cut back on travel and gambling.

Third-quarter net loss narrowed to $318 million, or 72 cents a share, from $750.4 million, or $1.70 a share, a year earlier.

Excluding one-time items, the loss was 21 cents a share. Analysts on average were expecting a loss of 23 cents a share, according to Thomson Reuters I/B/E/S.

Net revenue, excluding reimbursed costs, fell 3 percent to $1.5 billion.

(Reporting by Dhanya Skariachan and Deena Beasley, editing by Gerald E. McCormick)



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