MGM Grand Reports Third Quarter Losses (MGM, BYD, WYNN, LVS)

As Consumers continue to spend less on entertainment, MGM Mirage (NYSE: MGM) reports a third quarter loss of $750.4 million, or $1.70 per share diluted. In the previous year, MGM Mirage reported net incomes of $61.3 million or 22 cents a share.

Part of the losses is due to charges equivalent to $1.72 a share which includes a write-down worth $8.5 billion on a City Center project on the Las Vegas Strip. The high charges from the City Center helped to weigh down the earning for the third quarter.

As Consumers continue to spend less on entertainment, MGM Mirage (NYSE: MGM) reports a third quarter loss of $750.4 million, or $1.70 per share diluted. In the previous year, MGM Mirage reported net incomes of $61.3 million or 22 cents a share.

Part of the losses is due to charges equivalent to $1.72 a share which includes a write-down worth $8.5 billion on a City Center project on the Las Vegas Strip. The high charges from the City Center helped to weigh down the earning for the third quarter.

MGM Mirage managed to beat analyst expectations for revenue with revenues totaling 1.53 billion compares to estimates totaling $1.47 billion.

The rivals of MGM Mirage, Wynn Resorts (NASDAQ: WYNN), Boyd Gaming (NYSE: BYD) , and Las Vegas Sands (NYSE: LVS) posted massive drops in earnings behind lower spending on entertainment. MGM Mirage opened today at $9.32.

MGM Mirage owns 9 Casinos in Las Vegas, Gambling Resorts in Mississippi and Michigan, and New Jersey and China casinos through a joint venture.