LAS VEGAS (
) -- It might not be the right day to go putting all your chips on
The hotel and casino operator swung to a loss in the second quarter, hurt by impairment charges and consumers cutting back on rolling the dice.
The news sent shares down 4% to $6.97 in pre-market trading.
During the quarter, the company lost $212.6 million, or 60 cents a share, compared with a profit of $113.1 million, or 40 cents, in the year-ago period.
Results included an impairment charge of 34 cents a share and a loss of 11 cents a share due to debt retirement.
Excluding charges, the company lost 15 cents a share, still missing analysts expectations of a loss of 9 cents.
Revenue tumbled 22% to $1.49 billion from $1.9 billion last year, as MGM continues to discount hotel room rates to attract gamblers.
Las Vegas Sands
also saw a $222.2 million loss and was placed on review by Moody's Investors Services for a possible downgrade.
--Reported by Jeanine Poggi in New York.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.