Q3 for MGM Mirage Like Others, Down

LAS VEGAS-In the final throws of opening its massive CityCenter development on the Las Vegas Strip; MGM Mirage today reported a $750.4 million–$1.70 per share–loss in the third quarter on net revenue of $1.53 billion. That compares to a profit of $61.3 million–$0.22 per share–on net revenue of $1.78 billion in the same year-earlier period. The company owns 16 gaming properties, most of them on the Las Vegas Strip.

The big reason for the loss was the previously announced charge against earnings to account for the drop in value of the assets in the CityCenter development due to the recession. CityCenter is a 50-50 joint venture of MGM Mirage and Dubai World.

Last month, the company said it would be taking a $1.15-billion non-cash impairment charge in the third quarter related to its 50% portion of the lost value–$955 million related to its investment in CityCenter and $174 million related to the sales value of the condominiums. On Thursday, it reported a slightly higher a charge of $1.17 million–$956 million on the overall investment and $203 million for lost condominium value.