MGM Resorts International posted a hefty loss today to write down the value of its investment in the $8.5 billion CityCenter resort complex, which is now valued at $2.65 billion. But the company also reported some encouraging numbers about hotel room rates on the Las Vegas Strip.
The Las Vegas Strip giant lost $883.5 million in the second quarter ended June 30, mainly because it took an impairment charge — on paper — of $1.12 billion against its investment in CityCenter, which failed to turn a profit in the second quarter.
MGM took another charge of $29 million against the value of CityCenter’s residential inventory — that was its half of a $57 million charge to write down the value of the CityCenter condominiums.
Full story: MGM Resorts loses $883.5 million in second quarter – Las Vegas Sun