LAS VEGAS, April 14, 2010 /PRNewswire via COMTEX/ –MGM MIRAGE (NYSE: MGM) today announced its preliminary expectations of financial results for the first quarter of 2010.
Net revenue for the first quarter of 2010 is expected to be approximately US$1.46 billion–a decrease of 4% from 2009. The company expects a first quarter diluted loss per share (EPS) of approximately US$0.22 compared to earnings of US$0.38 per share in the prior year first quarter.
MGM Grand Macau operating income is expected to be US$49 million in the first quarter of 2010, which included depreciation expense of US$22 million, a significant improvement compared to an operating loss of US$5 million in the 2009 first quarter, which included depreciation expense of US$21 million.
CityCenter in Las Vegas is expected to report an operating loss of US$255 million in the first quarter of 2010, which includes an approximately US$171 million non-cash impairment charge related to its residential inventory, depreciation expense of US$69 million, and preopening expenses of US$6 million. CityCenter results benefited from revenues of US$24 million related to forfeited residential deposits. Aria reported an operating loss of US$66 million, which included deprecation expense of US$54 million. Occupancy percentage at Aria was 63% with an average daily rate of US$194.
The operating results in this release reflect preliminary expectations of financial results for the first quarter of 2010, have not been reviewed by the company’s auditors, and are subject to change. The company says it expects to report its full results for the quarter, and conduct a conference call to discuss its earnings, during the week of 3rd May 2010.
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