Completes MGM China IPO And Increases Stake To 51%; Transaction Results In $3.5 Billion Gain
MGM Resorts International (NYSE: MGM) today reported financial results for the second quarter ended June 30, 2011. Diluted earnings per share attributable to MGM Resorts International was $6.22 per share compared to a loss of $2.00 per share in the prior year second quarter. The current year results include a gain of $3.5 billion (or $6.30 per share) as a result of acquiring a controlling interest in MGM China Holdings Limited (“MGM China”), which the Company began consolidating as of June 3, 2011. The prior year results include a non-cash charge of approximately $1.12 billion (or $1.64 per share, net of tax) relating to an impairment of the Company’s investment in the CityCenter joint venture.
