MGM Q3 Results Impacted By CityCenter Writedowns

LAS VEGAS—MGM Resorts International reported its third-quarter earnings, with net revenue declining 3%, to $1.5 billion; however, net revenue for the companys regional resorts increased 3%.

According to the company, overall Las Vegas Strip RevPAR decreased 2% compared to the same quarter last year. However, RevPAR was up for both the Bellagio and Mandalay Bay properties. Adjusted property EBITDA attributable to wholly owned operations was $314 million, down 13%.

The current year results include pre-tax impairment charges totaling $357 million, net of tax, including pre-tax impairment charges of $182 million related to the companys investment in CityCenter, $46 million related to CityCenters residential real estate inventory and $128 million related to the companys Borgata investment.