There was little to cheer about during this earnings season as most of the major gaming companies filed their financial reports covering the period that ended on June 30.
Particularly unimpressive were the companies that rely mostly on their properties in Las Vegas, and especially on the Las Vegas Strip.
MGM Resorts International (MGM) reported a massive loss after a $1.12 billion impairment charge that saw its investment in CityCenter plummet. The company said the $8.5 billion project, that is 50 percent owned by Dubai World, now showed an equity value of $2.65 billion.
Actually revenues increased by 5.5 percent to $1.54 billion for MGM Resorts International compared to last year’s revenues of $1.45 billion. But MGM's net loss for the period was $883 million or $2 per share. Last year, during the comparable period, MGM's loss was $212 million or $0.24 per share.