MGM MIRAGE loses $1.1B in 4th quarter

Mar 18, 2009 12:11 AM
Staff & Wire Reports |

Casino operator MGM MIRAGE Inc. is reporting that its fortunes shifted dramatically in the fourth quarter, when it lost $1.15 billion, including a $1.18 billion impairment charge.

The Las Vegas-based company posted results Tuesday showing it lost $4.15 per share in the quarter that ended Dec. 31. It made a profit of $2.85 per share in the same period a year earlier.

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Revenue was $1.6 billion, compared with $1.93 billion a year earlier.

Analysts polled by Thomson Reuters, who typically exclude one-time items like an impairment charge, forecast earnings of 14 cents per share on revenue of $1.71 billion.

Shares of MGM MIRAGE were trading at $3.11 in aftermarket trading, up from Tuesday's closing price of $3.03.