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MGM Resorts posts 3Q loss on CityCenter writedown

MGM Resorts posts 3Q loss on CityCenter writedown

MGM Resorts International lost less money in its third quarter than a year ago, even as it continued to write down the value of its investment in the mammoth CityCenter development in Las Vegas.
The Las Vegas-based casino operator in which Kirk Kerkorian is a major investor also provided some good news Wednesday, saying the Las Vegas market continues to stabilize.
MGM Resorts lost $318 million, or 72 cents per share, for the period ended Sept. 30. That compares with a loss of $750.4 million, or $1.70 per share, a year ago.
Writedowns totaled 51 cents per share.
Revenue rose 2 percent to $1.56 billion.
Analysts expected a loss of 23 cents per share on revenue of $1.55 billion.
MGM Resorts' stock fell 5 cents to $11.10 in premarket trading.


Updated : 2021-07-24 00:25 GMT+08:00