CityCenter Spurs MGM Mirage Q1 Loss

MGM Mirage reported May 6 the company’s $86 million write-down on luxury condos at its $8.5 million CityCenter entertainment complex, a joint partnership with Dubai World, largely contributed to the company’s Q1 loss.

The company reported a total loss of $96.7 million, or 22 cents per share, for the period ended March 31. Last year’s Q1 net income was $105.2 million, or 38 cents per share.

Revenue dropped 3 percent to $1.46 billion, which is reportedly in line with MGM’s preliminary earnings report released in April.

The company also reported that Aria Resort & Casino, the focal point of CityCenter, reportedly lost $66 million in its first full quarter, with its hotel rooms 63 percent occupied at about $194 a night.

However, MGM Mirage officials are said to be optimistic regarding long-term prospects for the development, which opened in December.