Casino operator MGM Mirage says its preliminary estimates show it lost $96.7 million during the first quarter as it wrote down the value of its investment in the massive CityCenter development on the Las Vegas Strip.
MGM Mirage reported Wednesday that it lost about 22 cents per share in the first quarter, compared with earnings of 38 cents per share, $105.2 million, a year earlier.
MGM Mirage said selling the Treasure Island hotel-casino helped the earlier results, while this year's were hurt by the falling value of CityCenter's residential units.
The Las Vegas company says its estimate includes a charge of $86 million related to that drop.
It expects to report its full results in early May.
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