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According to financial reports released by MGM Mirage, the casino operator has lost over $212 million in the second quarter of 2009 as it recorded hefty impairment charges and consumers gambled less during the nation’s recession.
Even with the reports of revenue loss, shares of MGM Mirage rose 22 cents, or 3 percent, to $7.45 Monday.
The company remains optimistic as they head into the third quarter.
“We will be a much stronger company on the other side of this recession,” said MGM Mirage CEO Jim Murren.
Murren went on to say that the company’s principal focus has been on reducing its debt and keeping its existing resorts healthy.
Murren also believes that the Las Vegas market is stabilizing for casino-resorts, with occupancy above 90 percent, tourists take advantage of lower room prices.
Like many Vegas casinos, MGM hopes to weather the storm of this current economic downturn. The companies that are strong enough to push through these hard times expect to prosper when the economy turn around.
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