(RTTNews) -  Casino operator MGM Mirage (MGM: News ), on Thursday reported that it slid to a loss in the third quarter, hurt by hefty non-cash impairment charges from its CityCenter project as well as a drop in revenues across all its operating segments.

MGM Mirage, the world's second-largest gambling company by revenue, and controlled by billionaire investor Kirk Kerkorian owns and operates 16 casinos in Nevada, Mississippi and Michigan. It also has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau.

For the third quarter, the Las Vegas, Nevada-based company reported a net loss of $750.39 million or $1.70 per share, compared to a net profit of $61.28 million or $0.22 per share in the prior-year quarter.

Results for the latest quarter included non-cash impairment charges totaling $1.17 billion or $1.72 loss per share, including a pre-tax non-cash impairment charge of $956 million related to investment in CityCenter and a pre-tax non-cash charge of $203 million related to impairment of CityCenter's residential real estate under development.

On average, 19 analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the quarter. Analysts' estimates typically exclude one-time charges and gains.

In the sequentially preceding quarter, MGM Mirage reported a net loss of $212.58 million or $0.60 per share, compared to net profit of $113.10 million or $0.40 per share in the prior-year quarter.
Revenues for the recent third quarter slipped 9% to $1.53 billion from $1.78 billion last year. Street analysts' revenue estimate was $1.47 billion for the quarter.

Property-wise, Las Vegas Strip revenues for the quarter declined 23% to $1.22 billion from the prior-year quarter. Other Nevada revenues for the quarter totaled $33.07 million, lower than $41.33 million in the year-ago quarter. MGM Grand Detroit revenues dropped to $124.75 million from the same quarter last year, while Mississippi revenues decreased to $125.46 million from the comparable quarter a year ago.

Segment-wise, the company's casino revenue, however, declined a modest 1% to $699.81 million from last year as a result of strong baccarat results from the company's Strip casino, with table games revenue up 7% and slots revenue down 6%. Room revenues for the quarter dropped 21% year-over-year to $340.17 million, while food and beverage revenues dropped to $344.28 million from $395.10 million in the same quarter last year.

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