Two Way Hard Three | Las Vegas Casino & Design Blog
August 3, 2009
MGM Mirage Reports Second Quarter 2009 Results
Posted by HunterThis morning, Nevada based MGM Mirage released their second quarter results:
http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=IROL-NewsText&t=Regular&id=1315638&
A loss of $212 million for the quarter, along with lower revenues as well. Despite taking a big hit this quarter, some analysts believe MGM Mirage has turned their balance sheet around and should start to see some upside in the coming quarters. They miraculously were able to navigate a very difficult set of conditions this Spring without resorting to an asset fire sale.
Their massive City Center project opens in phases starting in October.
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- detroit1051 recently commented "Positive story in tomorrow's WSJ on MGM's Jim Murren, the "champion of City..." in MGM Mirage Reports Second Quarter 2009 Results
- Hunter recently commented "That's too bad - I was thinking of staying there in October...." in MGM Mirage Reports Second Quarter 2009 Results
- parchedearth recently commented "Lots of interesting little details: Vdara opening has now been pushed to De..." in MGM Mirage Reports Second Quarter 2009 Results
- Rob LoBue recently commented "Vdara's opening date is officially delayed from October 1 to December 1st. ..." in MGM Mirage Reports Second Quarter 2009 Results
- Hunter recently commented "Your description of the various calls made me laugh out loud...." in MGM Mirage Reports Second Quarter 2009 Results
- John recently commented "The call is standard MGM conference call stuff. They're usually all busines..." in MGM Mirage Reports Second Quarter 2009 Results
- Brian Fey recently commented "I can't listen to the call until tonight, but I'm very curious to hear what..." in MGM Mirage Reports Second Quarter 2009 Results
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Comments
I can't listen to the call until tonight, but I'm very curious to hear what they have to say. At least the stock is holding up nicely. I was a bit surprised by a loss that large, but maybe I shouldn't have been.
The call is standard MGM conference call stuff. They're usually all business and they usually throw in some nice stuff about conventions picking back up.
That's usually how they go. Wynn's are more Numbers/Obama sucks/how awesome our future project is going to be/"Money isn't everything" and then they're done.
Sheldo's usually end up being 45 minutes of "DUH" from everyone, then they're done.
Your description of the various calls made me laugh out loud.
Vdara's opening date is officially delayed from October 1 to December 1st. A conversation with the Director of Hotel Ops confirmed it. See my home page for the details...
Lots of interesting little details:
Vdara opening has now been pushed to Dec.
MO and Veer open Dec. 3 (2 weeks before Aria). Not sure Veer is going to have closed any sales by then. MO should wait until Aria is up and running.
Aria has over a months worth of room nights already booked (132,000). Be interesting to know whether these are at rack rates.
Crystals will open on Dec 3rd w/ less than half occupancy. Not good for xmas shopping season.
That's too bad - I was thinking of staying there in October.
Positive story in tomorrow's WSJ on MGM's Jim Murren, the "champion of CityCenter."
"But Mr. Murren was able to do something that many others couldn't: He persuaded anxious directors and lenders to give him one last chance to make his City Center bet pay off.
Bill Lerner, a gambling-industry consultant and analyst with Union Gaming Group whose clients include MGM Mirage, likens the new terms the company cut with its lenders to a "Houdini act."
http://online.wsj.com/article/SB124930490411501357.html?mod=wsjcrmain