April 15, 2010 - "The longer they stay at the tables, the more they lose. In the end, we get it all!"
The casino operator issued a lower guidance, saying it now expects a first-quarter loss excluding multiple items of $0.31 per share.
The company expects its CityCenter resort in Las Vegas to post a $255 million operating loss in the first quarter and that total company revenue would miss current estimates. Shares were down 6.3% in pre-market trading.
MGM Mirage recorded an $86 million charge related to a drop in the value of CityCenter's residential units.
MGM Mirage DOWN!
http://www.forbes.com/feeds/ap/2010/04/15/business-specialized-consumer-services-us-mgm-mirage-ahead-of-the-bell_7516504.html?boxes=financechannelAP
http://www.foxbusiness.com/story/markets/early-market-movers-anadys-pharmaceuticals-mgm-mirage/
http://www.optionmonster.com/news/article.jsp?page=commentary/premarket_commentary/mgm_mirage_falls_on_lowered_outlook_44362.html
Veer towers to close...what a mess!
CityCenter, the country's costliest private development, is delaying completion of Veer Towers and the Harmon Hotel & Spa amid a deep recession that has left owners MGM Mirage and Infinity Development Group cash-strapped.
Contractor Perini Building Co. sued CityCenter last month for $490 million in unpaid bills, so millions in mechanics' liens are now filed against the 67-acre property. Perini says CityCenter has closed escrow on just 10 of the 893 residences available in Veer and Mandarin Oriental.
"The market continues to see downward pressure on pricing," said Luxury Realty Group owner Bruce Hiatt, a Las Vegas-based high-rise residential specialist. "Delays may place a cloud of uncertainty over the project's pricing and frustrate buyers."
Harmon's completion is also now uncertain. The contractor has since been removed from the job site, and no successor has been named.
Full Story:
http://www.lvbusinesspress.com/articles/2010/04/12/news/iq_35241001.txt
Other MGM Mirage Posts
MGM Mirage and Nevada Gaming Board in Cahoots?
http://tobuds.com/blogs/blog2.php/2010/03/30/mgm-mirage-frightening-developments-in-m
MGM Mirage: Settling Lawsuits with Junk Bonds?
http://tobuds.com/blogs/blog2.php/2010/03/29/mgm-mirage-settling-lawsuits-with-junk-b
How Can MGM Mirage Ever Survive?
http://tobuds.com/blogs/blog2.php/2010/03/27/how-can-mgm-mirage-ever-survive
MGM Mirage - "Leaving Las Vegas"
http://tobuds.com/blogs/blog2.php/2010/03/23/mgm-mirage-leaving-las-vegas
MGM Mirage - Only the "young and beautiful" people please!
http://tobuds.com/blogs/blog2.php/2010/03/19/mgm-mirage-only-the-young-and-beautiful
Opps! More bad news for MGM's CityCenter
http://tobuds.com/blogs/blog2.php/2010/03/17/opps-more-bad-news-for-mgm-s-centercity
Just like the Titanic, MGM headed for Huge Iceberg
http://tobuds.com/blogs/blog2.php/2010/03/14/mgm-mirage-citycenter-green-but-not-in-t
MGM Mirage - Illegal Hiring Practices?
http://tobuds.com/blogs/blog2.php/2010/03/12/mgm-mirage-illegal-hiring-practices
MGM-Mirage’s CityCenter: A Civic Failure
http://tobuds.com/blogs/blog2.php/2010/03/02/mgm-mirage-s-citycenter-a-civic-failure
Leaving Las Vegas in 2010 - Do not expect MGM Mirage's luck to change soon.
http://tobuds.com/blogs/blog2.php/2010/02/23/leaving-las-vegas-in-2010-do-not-expect
MGM Mirage - CityCenter - The Great Boondoggle
http://tobuds.com/blogs/blog2.php/2010/02/10/mgm-mirage-citycenter-the-great-boondogg
L.A. Times - MGM Mirage City Center: Final bender for Wall Street's Decade of Unreason
http://tobuds.com/blogs/blog2.php/2010/01/14/l-a-times-mgm-city-center-final-bender-f
MGM MIRAGE (NYSE: MGM) - Living on a Prayer in 2010
http://tobuds.com/blogs/blog2.php/2010/01/13/mgm-mirage-nyse-mgm-living-on-a-prayer-i
Casinos Won't Recover - What it Means for MGM Mirage
http://tobuds.com/blogs/blog2.php/2010/01/11/casinos-won-t-recover-what-it-means-for
MGM Mirage on Life Support - 2010 Not a Happy New Year
http://tobuds.com/blogs/blog2.php/2010/01/07/mgm-mirage-on-life-support-2010-not-a-ha
MGM Mirage - City Center is Doomed in 2010 to Cannibalism
http://tobuds.com/blogs/blog2.php/2009/12/31/mgm-mirage-city-center-is-doomed-to-cann
James "Jimmy" Murren - CEO MGM Mirage, Has A Magic Dream
http://tobuds.com/blogs/blog2.php/2009/12/29/james-jimmy-murren-ceo-mgm-mirage-has-a
MGM's Kirk Kerkorian's CEO (Jim Murren) - A Con Artist?
http://tobuds.com/blogs/blog2.php/2009/12/21/james-j-murren-chairman-of-the-board-and
MGM's Mister Kerkorian is a Very Wise Man
http://tobuds.com/blogs/blog2.php/2009/12/21/mgm-s-mister-kerkorian-is-a-very-wise-ma
CityCenter, Infinity World Development, MGM Mirage, Tracinda, Kerkorian
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