MGM Mirage (MGM) reported that its third-quarter net loss was $750.39 million or $1.70 per share, compared to net income of $61.28 million or $0.22 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
The the latest quarter results were impacted by non-cash impairment charges totaling $1.17 billion, or $1.72 loss per diluted share net of tax, including a pre-tax non-cash impairment charge of $956 million related to the Company's investment in CityCenter and a pre-tax non-cash charge of $203 million related to impairment of CityCenter's residential real estate under development.
Revenues for the quarter were $1.53 billion, compared to $1.79 billion in the prior year quarter. Sixteen analysts had consensus revenue estimate of $1.47 billion for the quarter.
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