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In response to
"Luxury Suites (550 sq ft) at the MGM Grand in Vegas from $79/night."
by
JaxSean
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MGM is getting a bit desperate imo. From their last earnings rpt: "Total casino revenues declined 6% year over year "
Posted by
decline (aka Decline)
Aug 4 '10, 09:19
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...
Total casino revenues declined 6% year over year due to lower revenues from both slots and table games. Revenues from slots fell 3% during the quarter. MGM Resorts� table games volume, excluding baccarat, plunged 7% in the quarter, while baccarat volume increased 10% from the year-earlier quarter.
The overall table games hold as a percentage of turnover in the quarter was at the lower end of the company�s normal range of 18% to 22%. Bellagio, The Mirage, and Mandalay Bay were significantly hurt by lower table games hold, partially offset by MGM Grand. These factors led to an 11% decrease in table games revenue in the quarter.
Revenues from rooms fell 1% primarily on account of Las Vegas Strip where RevPAR (Revenue per Available Room) dropped 2%.
CityCenter reported net revenues of $401 million and an operating loss of $128 million in the second quarter.
MGM Resorts recorded an operating loss of $1.0 billion compared with an operating income of $131 million in the year-earlier quarter. The operating loss related to CityCenter was partially offset by MGM Macau, which posted an operating income of $40 million in the quarter under review. MGM Macau registered a huge improvement from the year-earlier quarter�s loss of $8 million.
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