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