MGM MIRAGE (NYSE:MGM) Stocks Opens 5% Up After Earnings
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Dallas, TX 11/05/2009 04:55 PM GMT (TransWorldNews)
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MGM MIRAGE (NYSE:MGM) climbed 5% to $9.78 after posted a third-quarter loss on Thursday as consumers continued to spend less at its Las Vegas casino resorts and it recorded big charges.
The No. 2 casino operator, whose largest shareholder is billionaire Kirk Kerkorian, reported a net loss of $750.4 million, or $1.70 a diluted share, compared with year-earlier net income of $61.3 million, or 22 cents a share.
The results included charges totaling $1.72 a share, including a write-down of its $8.5 billion CityCenter project, which is set to begin opening on the Vegas Strip in December.
Revenue, adjusting for promotional allowances, fell 14 percent to $1.53 billion but beat the $1.47 billion forecast by analysts, as compiled by Thomson Reuters I/B/E/S.
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