MGM Mirage Forecasts Loss; Shares Slip

MGM MIrage shares fell in after-hours trading after the casino operator said it would report a wider-the-expected first-quarter loss.
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LAS VEGAS (

TheStreet

) --

MGM Mirage

(MGM) - Get Report

shares fell in after-hours trading after the casino operator said it would report a wider-the-expected first-quarter loss.

MGM Mirage shares fell 6% to $14.50 after hours. They closed the regular session Wednesday at $15.41.

MGM Mirage estimates it lost $96.7 million, or 22 cents a share, in the first quarter, a swing from a year-earlier profit of $105.2 million, or 38 cents a share.

MGM Mirage said the quarter includes a gain from debt extinguishment of $142 million, or 21 cents a share, and a charge of $86 million, or 13 cents a share, from impairments related to residential inventory at its CityCenter development.

Analysts surveyed by Thomson Reuters were expecting MGM Mirage to report a first-quarter loss of 21 cents a share.

MGM Mirage said it expects first quarter revenue of about $1.46 billion, down 4% from last year.

MGM Mirage will report its full results early next month.

-- Reported by Joseph Woelfel in New York.

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