LOS ANGELES (Reuters) – Casino operator MGM Resorts International (MGM.N: Quote, Profile, Research, Stock Buzz) reported a wider fourth-quarter loss on impairment charges on Wednesday, and as growth in its Chinese unit slowed from red-hot levels of a year ago.
MGM Resorts, which operates the Mirage and Bellagio casino resorts, said revenue fell marginally to $2.29 billion. Analysts on average had expected $2.31 billion, according to Thomson Reuters I/B/E/S.
By Sue Zeidler
(Reuters) – MGM Resorts International (MGM.N: Quote, Profile, Research, Stock Buzz) Chairman Jim Murren said he has been approached by potential buyers for the Crystals luxury mall in its $8.5 billion Las Vegas CityCenter joint venture complex.
“CityCenter is always looking for ways to improve the value for its shareholders … and I think the most attractive candidate down the road would be Crystals,” Murren told analysts on a conference call.
LOS ANGELES, Feb 20 (Reuters) – Casino operator MGM Resorts
International’s quarterly sales missed Wall Street
expectations as revenue growth slowed in China, but its shares
rose as much as 3 percent after its Chinese unit set a special
dividend of $500 million.
On a conference call with analysts, MGM Chief Executive Jim
Murren said he expects the unit to pay additional distributions.
Feb 15 Las Vegas (Reuters) – A federal judge allowed Wynn
Resorts to hold a special shareholder meeting on Feb 22
to remove dissident shareholder Kuzuo Okada from its board, the
latest twist in a year-long battle between Wynn chief executive
Steve Wynn and his one-time partner and largest investor.
Federal Judge James Mahan rejected a bid by Okada to block
the meeting, ruling against the Japanese investor’s contention
that Wynn had given its shareholders a “grotesquely slanted
proxy riddled with material misrepresentations.”
LOS ANGELES, Feb 14 (Reuters) – For a recent TV commercial,
H&R Block’s advertising agency passed on using actors and
instead chose Riley Holmes, who works at the tax preparer’s
Chicago office, to pitch the company’s free “second look
service” that claims it can find new deductions from prior
“People bring in old tax returns and I’m like, ‘Who did
this to you?’” says Holmes in the 30-second TV commercial.
LOS ANGELES (Reuters) – There were no “wardrobe malfunctions” but stars at the 55th Grammy Awards were not covering up either, despite being asked to dress “appropriately.”
Presenter Jennifer Lopez, wearing a black off-the-shoulder Anthony Vaccarello gown slit up her thigh on one side, joked about her attire.
LOS ANGELES (Reuters) – Bruce Springsteen was honored as MusiCares Person of the Year on Friday at a star-studded pre-Grammys event where some of the biggest names in music like Sting, Alabama Shakes and Neil Young paid homage to “The Boss.”
The annual event, now in its 23rd year, celebrates a star’s musical achievements and philanthropic work, and is hosted by Grammy organizers to kick off the weekend of the awards show.
LOS ANGELES (Reuters) – Walt Disney Co (DIS.N: Quote, Profile, Research) beat estimates in quarterly adjusted earnings on Tuesday and said it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks.
The results, which come despite the rising costs of acquiring programming for its ESPN sports juggernaut and included its interactive unit swinging back to profit, helped lift shares in the media giant 1.7 percent in after-hours trading.
LOS ANGELES (Reuters) – Walt Disney Co adjusted earnings on Tuesday beat analysts’ estimates despite rising costs of acquiring sports programming for its ESPN sports juggernaut.
Shares of the media giant rose 1.7 percent in after-hours trading. Before the announcement, Disney closed up 39 cents at $54.29 on the New York Stock Exchange.
LOS ANGELES (Reuters) – Media giant Walt Disney Co posted lower earnings on Tuesday, due in part to the rising costs of acquiring TV sports rights for its ESPN division.
Net income fell 6 percent to $1.38 billion from $1.46 billion. Net income per share fell 4 percent to 77 cents a share from 80 cents a share for the company’s fiscal first quarter.