MGM Mirage (MGM:NYSE)

MGM Mirage reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported operating loss of $963,419,000, loss before income taxes of $1,158,248,000, net loss of $750,388,000 or $1.70 diluted loss per share on revenue of $1,533,223,000 against operating income of $241,557,000, income before income taxes of $95,289,000, net income of $61,278,000 or $0.22 diluted per share on revenue of $1,785,531,000 for the same period a year ago. LBITDA was $792,768,000 against EBITDA of $441,659,000 for the same period a year ago. The current year results were impacted by non-cash impairment charges totaling $1.17 billion, or $1.72 loss per diluted share net of tax, including a pre-tax non-cash impairment charge of $956 million related to the company's investment in CityCenter and a pre-tax non-cash charge of $203 million related to impairment of CityCenter's residential real estate under development. For the nine months, the company reported operating loss of $477,221,000, loss before income taxes of $1,293,259,000, net loss of $857,764,000 or $2.40 diluted loss per share on revenue of $4,526,173,000 against operating income of $916,629,000, income before income taxes of $463,901,000, net income of $292,725,000 or $1.02 diluted per share on revenue of $5,584,255,000 for the same period a year ago. EBITDA was $44,656,000 against EBITDA of $1,508,288,000 for the same period a year ago.

MGM Mirage provided capital expenditure guidance for the year 2009. The company's previous capital expenditure guidance was $200 million for the year. And so that guidance will be slightly lower as finish up the fourth quarter. This year, guidance is $200 million in Capex.

MGM Mirage - Conference Presentation Calls