MGM Mirage experienced a 17 per cent drop in net revenue during the second quarter of 2009.
The company reported that it made a diluted loss per share of $0.60 during the second quarter, compared with income per share of $0.40 in the corresponding period last year. Casino revenue fell by 12 per cent, mainly due to lower table games volume at the company’s Las Vegas Strip resorts, and property EBITDA decreased by 34 per cent.
However, MGM revealed that between December 31, 2008, and June 30, 2009, it reduced its long-term debt by $1.1bn to $12.3bn and secured funding for the completion of CityCenter during the second quarter.
“This has been a monumental quarter for us, as the significant capital market transactions and other corporate finance activities meaningfully improved our financial position,” said Jim Murren, MGM Mirage chairman and chief executive officer. “Perhaps as important, we saw a more stabilised – though still difficult – operating environment in the second quarter.
“Our operating teams are focused on continuing to sequentially increase cash flow and our CityCenter team is driving towards completion and opening of CityCenter.”
