MGM shares jump after firm’s narrower loss

Shares of MGM Resorts International were on a roll Wednesday, picking up as much as 6% after the gambling giant reported a sharply narrower third-quarter loss on fewer charges, record results in Macau and a gradual improvement in Las Vegas.

MGM /quotes/comstock/13*!mgm/quotes/nls/mgm (MGM 12.12, +0.97, +8.73%) lost $318 million, or 72 cents a share, on the period, compared with a loss of $750.4 million, or $1.70 a share, in the same quarter of 2009. The most current numbers include impairment charges of $357 million, or 51 cents a share.

The average estimate of analysts polled by FactSet Research had been for the company to lose 23 cents a share.

Revenue rose from $1.53 billion to $1.56 billion but would have slipped 3% when reimbursed costs revenue related to its management of CityCenter are factored out.

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- Posted: 2010-11-03 12:30:15

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