MGM Resorts Loss Widens on Land Write-Offs; Vegas Improves
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MGM Resorts International, the largest casino operator on the Las Vegas Strip, posted a wider fourth-quarter loss after writing off land holdings. Profit in Nevada rose and the Macau unit declared a $500 million dividend.
The net loss grew to $1.2 billion, or $2.50 a share, from $113.7 million, or 23 cents, a year earlier, Las Vegas-based MGM Resorts said in a statement today. Excluding land write-offs in Las Vegas and Atlantic City, the loss was 23 cents a share, matching the average of analysts’ estimates.