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MGM Resorts posts 3Q loss on CityCenter writedown - BusinessWeek

Wednesday, 03 November 2010 20:32 administrator
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MGM Resorts, the second-largest U.S. casino operator, said Wednesday that its third-quarter revenue edged up, thanks to increases in entertainment sales, but its gambling, hotel and restaurant revenue fell overall.

Here's how the company's third-quarter revenue broke

out:

TOTAL REVENUE: $1.56 billion, up 2 percent.

REVENUE EXCLUDING REIMBURSEMENTS: $1.47 billion, down 3 percent.

CASINO REVENUE: Fell 9 percent, including a 3 percent drop in slots revenue, 7 percent drop in table games and 6 percent drop in baccarat.

ROOM REVENUE: Fell 3 percent with drop to 93 percent occupancy from 95 percent a year earlier.

REIMBURSEMENT REVENUE: $89 million, more than quadruple the $16 million for 2009's third quarter. Reimbursements related mainly to MGM Resorts' management of CityCenter.




Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFiXiT35KGhZt6Xs6553wXtPTbTqw&url=http://www.businessweek.com/ap/financialnews/D9J8SVS01.htm

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