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MGM Reports Q1 Losses, Positive About 2011

MGM Reports Q1 Losses, Positive About 2011

MGM Mirage Inc (NYSE: MGM) reported losses of $96.7 million or $0.22 a share for the first quarter, as compared to net income of $105.2 million or $0.38 a share in the year-ago period. While the losses were in-line with the guidance, they were lower than the Street view. MGM’s revenues for the quarter fell to $1.46 billion, from $1.5 billion, as the company was hurt by the weakness in the Las Vegas convention market.

The casino operator said that its conference calendar is "strengthening" and it expects its occupancy to be higher. Chief Executive Jim Murren said, "We see signs of improvement in the Las Vegas market and expect those to accelerate in the second half of the year and into 2011."

MGM lost 0.47% to $14.87 by 9:57 am.

Read more from Benzinga's Company news.

Posted-In: earnings report Jim MurrenEarnings News Markets


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