MGM MIRAGE

News and overview for MGM MIRAGE

Charges drag MGM Mirage to big loss - MarketWatch
MarketWatch | 17 days 20 hours 32 minutes ago
Revenue fell 9% to $1.5 billion.


MGM Mirage takes $1B charge; Tracinda may want out - MarketWatch
MarketWatch | 33 days 22 hours 9 minutes ago
The company will record a pre-tax, non-cash impairment charge of about $955 million on CityCenter while its 50/50 joint venture with Dubai World will take another $348 million charge related to residential real estate under development.


MGM Mirage to report 3Q earnings Thursday
Forbes | 18 days 13 hours 4 minutes ago
LAS VEGAS -- MGM Mirage is to report its third-quarter financial results before the market opens Thursday. Below is a summary of key developments and analyst opinion related to the period.


MGM Mirage to take $1.1 billion charge for CityCenter
Las Vegas Sun | 33 days 21 hours 15 minutes ago
MGM Mirage today said it's slashing by 31 percent the value of its investment in the CityCenter megaresort complex opening in December on the Las Vegas Strip.


Kerkorian may cut 'undervalued' MGM Mirage stake
Richmond Times-Dispatch (Va.) | 33 days 16 hours 24 minutes ago
LAS VEGAS (AP) -- Saying his 37 percent stake in MGM Mirage should be worth more, billionaire investor Kirk Kerkorian said Tuesday that he may cut his investment in the struggling casino operator.


Kerkorian may cut undervalued MGM Mirage stake
Las Vegas Sun | 33 days 15 hours 7 minutes ago
Saying his 37 percent stake in MGM Mirage should be worth more, billionaire investor Kirk Kerkorian said Tuesday that he may cut his investment in the struggling casino operator.


MGM Mirage (finally) makes George Strait show official
Las Vegas Sun | 3 days 12 hours 29 minutes ago
Academy of Country Musics Artist of the Decade to play MGM Grand Garden Arena on Feb 6.


MGM Mirage loses $750M in 3rd quarter mostly on charge for lower value of CityCenter
Hartford Courant (Conn.), The | 17 days 8 hours 9 minutes ago
MGM Mirage's latest casino project isn't open yet, but a drop in the $8.5 billion complex's value combined with falling revenue companywide to push the casino operator into the red in its third quarter, the company said Thursday.


MGM Mirage loses $750M as CityCenter's value drops
Yahoo! | 17 days 15 hours 28 minutes ago
LAS VEGAS – MGM Mirage's latest casino project isn't open yet, but a drop in the $8.5 billion complex's value combined with falling revenue companywide to push the casino operator into the red in its third quarter, the company said Thursday.


MGM Mirage loses $750M as Vegas' CityCenter suffers
USA TODAY | 17 days 19 hours 59 minutes ago
LAS VEGAS (AP) - MGM Mirage's latest casino project isn't open yet, but a drop in the $8.5 billion complex's value combined with falling revenue to push the casino operator into the red in its third quarter, the company said Thursday.


MGM Mirage loses $750M as CityCenter s value drops
Las Vegas Sun | 17 days 20 hours 30 minutes ago
MGM Mirage lost $750.4 million in its third quarter largely because the value of its latest casino project has fallen as gamblers continue to spend less during the recession, the company said Thursday.


Casino operator MGM Mirage loses three-quarters of $1 billion in third quarter
USA TODAY | 17 days 18 hours 57 minutes ago
With the economy dragging down real estate values and gambler visits, the Associated Press reports that MGM Mirage lost $750.4 million in the July-September quarter.


Kerkorian mulls reducing MGM Mirage stake
Richmond Times-Dispatch (Va.) | 33 days 19 hours 21 minutes ago
BEVERLY HILLS, Calif. (AP) -- Billionaire investor Kirk Kerkorian said Tuesday he is considering cutting his stake in MGM Mirage, whose earnings are being hammered in real estate downturn, as the casino company said it will take a nearly $1 billion charge because it had to slash condo prices at its CityCenter development.


MGM Mirage loses $750M as CityCenter loses value
Yahoo! | 17 days 21 hours 25 minutes ago
LAS VEGAS – MGM Mirage says it lost $750.4 million in its third quarter largely because the value of its latest casino project has fallen as gamblers spend less during the recession.





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Company Overview


Company: MGM MIRAGE
Industry: Gambling Resorts & Casinos
Website: http://www.mgmmirage.com

It's not your imagination -- MGM MIRAGE is one of the world's largest gaming firms. The company's 20 partially or wholly owned properties include Las Vegas' MGM Grand, Luxor, Bellagio, The Mirage, New York-New York, and the Monte Carlo. It also owns casinos elsewhere in Nevada (Reno, Jean, and Henderson), as well as in Illinois (50%-owned), Michigan, and Mississippi. In addition, the company operates the Borgata casino in Atlantic City through a joint venture with Boyd Gaming. MGM MIRAGE shot to the top of the gaming world in 2005 when it acquired rival Mandalay Resort Group for $7.9 billion. However, Harrah's surpassed MGM MIRAGE after it merged with Caesars. Founder Kirk Kerkorian owns about 40% of the firm.


Key Numbers

Sales in U.S. Dollars (mil.) 7,884.2 (2008)
One-year % Growth in Sales 2.5 (2008)
Net Income in U.S. Dollars (mil.) -855.3 (2008)
One-year % Growth in Net Income 0.0 (2008)
Number of Employees 61,000 (2008)
One-year % Growth in Number of Employees -9.5 (2008)
Fiscal Year-End December