MGM Mirage posts second-quarter net loss

Interactive Investor
Tuesday, August 4, 2009

ATLANTA, Aug 3 (Reuters) – MGM Mirage posted a net loss for the second
quarter as it continued to discount hotel rooms and amenities in a bid
to attract gamblers and conventioneers to its Las Vegas casino
resorts.

The No. 2 casino operator, whose largest shareholder is billionaire
Kirk Kerkorian, reported a net loss of $212.6 million, or 60 cents a
diluted share, compared with year-earlier net income of $113.1
million, or 40 cents per share.

The results included various special items.

Revenue fell 21 percent to $1.49 billion, compared with $1.48 billion
forecast by analysts.

MGM, whose holdings include nine Las Vegas Strip casino-hotels,
gambling resorts in Mississippi and Michigan, and joint ventures in
New Jersey and China’s Macau, said $2.65 billion of debt and equity
issuances completed in the quarter improved its financial position. It
also said it was evaluating other ways to bolster its finances.

(AFX UK Focus) 2009-08-03

(Reporting by Karen Jacobs; Editing by Lisa Von Ahn) Keywords:
MGMMIRAGE/ ([email protected]; +1 404 493-3656; Reuters
Messaging: [email protected])

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From: Baghdasarian