LAS VEGAS (AP) - Casino and hotel operator MGM Mirage's preliminary estimates show it lost $96.7 million during the first quarter partly because of a drop in the value of its massive CityCenter development on the Las Vegas Strip, the company said Wednesday.
MGM Mirage reported Wednesday that it lost about 22 cents per share in the first quarter, compared with a profit of 38 cents per share, $105.2 million, a year earlier.
MGM Mirage said selling the Treasure Island hotel and casino helped 2009's first-quarter results, while 2010's were hurt by the falling value of CityCenter's residential units.
MGM Mirage said it had about $13 billion in debt as of March 31.