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Wed 22 Feb 2012 05:47 PM

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Dubai-owned Vegas casino narrows Q4 losses

MGM Resorts International says net loss drops to $113m as Vegas revenues rise

Dubai-owned Vegas casino narrows Q4 losses
CityCenter Holdings is a joint venture between MGM Resorts International and Dubai World subsidiary Infinity

MGM Resorts International, the Las Vegas casino operator part-owned by Dubai World, on Wednesday reported a narrower fourth-quarter loss as Nevada’s gambling recovery picked up and Macau revenue increased.

The net loss of $113.7m compared with a loss of $139.2m a year earlier, the company said in a statement.

Gambling revenue on the Las Vegas Strip rose 5.1 percent to $6.07bn last year, the second-straight annual gain and the biggest increase since 2006, according to state data supplied by the Las Vegas Convention & Visitors Authority.

Industrywide, gambling revenue in Macau rose 42 percent to $33.6bn in 2011.

MGM Resorts’s revenue rose 56 percent to $2.3bn last quarter, boosted by the acquisition of a majority interest in MGM China, owner of the MGM Macau resort and casino. Analysts projected $2.21bn on average.

MGM Resorts and partner Dubai World opened City Center in December 2009 after the $8.5bn project skirted bankruptcy.

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