MGM slide

Aug 9, 2010 6:19 PM

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.

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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.