Loss expected

Apr 19, 2010 5:27 PM

Officials of MGM MIRAGE Inc. (MGM) revealed last week that they expect the company to show a loss of $96.7 million or $0.22 per share for the first quarter of 2010.

Included in the loss, they said, was a write down of $86 million in the residential units of its 50 percent-owned CityCenter development.

Also the company said it was raising the size of its convertible senior notes offering from $750 million to $1 billion. The proceeds, the company said, would be used to pay back part of its outstanding debt under a senior credit agreement.