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MGM Reports Surprise Loss as Gamblers Continue to Shun Macau

  • Operator delays casino opening in Cotai area until 2017
  • $1.5 billion non-cash writedown taken for Chinese unit
Views of Casinos As Macau Releases GDP Figures
Photographer: Jerome Favre/Bloomberg
Updated on

MGM Resorts International posted a surprise fourth-quarter loss as ongoing weakness in Macau overshadowed growth in hotel stays in Las Vegas. The shares tumbled.

The largest operator of casinos on the Las Vegas Strip reported an adjusted loss of 1 cent a share, compared with analysts’ estimates for a profit of 8 cents. Revenue was $2.19 billion, missing estimates of $2.25 billion.