MGM Mirage To Report 3Q Earnings Thursday

OSKAR GARCIA

LAS VEGAS (AP) — MGM Mirage is to report its third-quarter financial results before the market opens Thursday. Below is a summary of key developments and analyst opinion related to the period.

OVERVIEW: Las Vegas-based MGM Mirage, the world's second-largest gambling company by revenue, owns and operates 16 casinos in Nevada, Mississippi and Michigan. It also has 50 percent investments in four other properties.

Its current project, the $8.5 billion CityCenter complex on the Las Vegas Strip, is touted as the most expensive privately financed project in U.S. Most of that project is scheduled to open next month.

MGM Mirage said last month that it would take a $955 million hit to its third quarter earnings to reflect the falling value of CityCenter. MGM Mirage said its 50 percent stake was worth $2.44 billion as of Sept. 30. The 67-acre project is a joint venture between MGM Mirage and Dubai World, the investment arm of the Persian Gulf state.

MGM Mirage had to reassess itself after it cut prices on nearly 2,400 condos to parallel a decline in the Las Vegas real estate market. The units first went on sale in January 2007.