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MGM Mirage also says ARIA hotel’s occupancy rate was 63 percent in first quarter
MGM Mirage announced that its new CityCenter development in Las Vegas will report an operating loss of $255 million for the first quarter of 2010. In addition, the company disclosed that the 4,004-room ARIA hotel at the complex, which opened in December, had an occupancy rate of 63 percent and an average daily room rate of $194 for the period.
MGM Mirage reported preliminary results including the first full quarter of operations at CityCenter after the stock markets closed yesterday, and did not offer any commentary on the numbers disclosed. The company said it will issue final, audited results for its first quarter in early May.
CityCenter's operating loss, which was expected, includes a $171 million non-cash impairment charge related to its residential inventory, depreciation expense of $69 million, and preopening expenses of $6 million. The company said CityCenter results benefited from revenues of $24 million related to forfeited residential deposits. The ARIA hotel reported an operating loss of $66 million, which included deprecation expense of $54 million.
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