Two Way Hard Three | Las Vegas Casino & Design Blog

August 3, 2009

MGM Mirage Reports Second Quarter 2009 Results

Posted by Hunter

This morning, Nevada based MGM Mirage released their second quarter results:

A loss of $212 million for the quarter, along with lower revenues as well. Despite taking a big hit this quarter, some analysts believe MGM Mirage has turned their balance sheet around and should start to see some upside in the coming quarters. They miraculously were able to navigate a very difficult set of conditions this Spring without resorting to an asset fire sale.

Their massive City Center project opens in phases starting in October.


Read archived comments (7 so far)
August 3, 2009 10:35 AM Posted by Brian Fey

I can't listen to the call until tonight, but I'm very curious to hear what they have to say. At least the stock is holding up nicely. I was a bit surprised by a loss that large, but maybe I shouldn't have been.

August 3, 2009 1:34 PM Posted by John

The call is standard MGM conference call stuff. They're usually all business and they usually throw in some nice stuff about conventions picking back up.

That's usually how they go. Wynn's are more Numbers/Obama sucks/how awesome our future project is going to be/"Money isn't everything" and then they're done.

Sheldo's usually end up being 45 minutes of "DUH" from everyone, then they're done.

August 3, 2009 1:43 PM Posted by Hunter

Your description of the various calls made me laugh out loud.

August 3, 2009 4:33 PM Posted by Rob LoBue

Vdara's opening date is officially delayed from October 1 to December 1st. A conversation with the Director of Hotel Ops confirmed it. See my home page for the details...

August 3, 2009 4:36 PM Posted by parchedearth

Lots of interesting little details:
Vdara opening has now been pushed to Dec.

MO and Veer open Dec. 3 (2 weeks before Aria). Not sure Veer is going to have closed any sales by then. MO should wait until Aria is up and running.

Aria has over a months worth of room nights already booked (132,000). Be interesting to know whether these are at rack rates.

Crystals will open on Dec 3rd w/ less than half occupancy. Not good for xmas shopping season.

August 3, 2009 4:38 PM Posted by Hunter

That's too bad - I was thinking of staying there in October.

August 3, 2009 7:22 PM Posted by detroit1051

Positive story in tomorrow's WSJ on MGM's Jim Murren, the "champion of CityCenter."

"But Mr. Murren was able to do something that many others couldn't: He persuaded anxious directors and lenders to give him one last chance to make his City Center bet pay off.
Bill Lerner, a gambling-industry consultant and analyst with Union Gaming Group whose clients include MGM Mirage, likens the new terms the company cut with its lenders to a "Houdini act."