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MGM Resorts lowers value of mega-development by $1 billion
MGM Resorts International posted a wider loss in its latest quarter and its CityCenter mixed-use casino complex continued to lose money, as the recovery of the Las Vegas casino market remains on a slow pace, The Wall Street Journal reports. The operator of 11 casino resorts booked a $1.12 billion write-down on the value of its CityCenter investment as it reported a quarterly loss of $883.5 million, compared with a year-earlier loss of $212.6 million. Revenue, meanwhile, rose to $1.54 billion from $1.49 billion a year earlier.
Earlier this year, MGM Resorts officials said City Center would turn in a profit in the second quarter. The casino complex, however, reported an operating loss of $128 million for that period.
“Clearly the economic environment is much more challenging than anyone would have expected heading into this year, and there will be a longer ramp up than one would have liked,” cfo Dan D'Arrigo told the Journal. “But it is what it is and we are continuing to make positive strides.”
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