MGM Grand Inc. loses $10.1 million during 3rd quarter.MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. Grand Inc. loses $10.1 million during 3rd quarter MGM Grand Inc., the Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. company that operates a luxury airline and two Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. hotel/casinos, reported a $10.1 million loss in the third quarter on revenues of $38.9 million. In the third quarter of 1989, the company reported net income of $892,000, or 4 cents a share, on revenues of $38.8 million. The loss, which equaled 40 cents a share, was due to reduced casino winnings, increased fuel costs because of the Persian Gulf Persian Gulf, arm of the Arabian Sea, 90,000 sq mi (233,100 sq km), between the Arabian peninsula and Iran, extending c.600 mi (970 km) from the Shatt al Arab delta to the Strait of Hormuz, which links it with the Gulf of Oman. crisis, and advertising and other costs related to the introduction of a new class of airline service, the company reported last week. In its report for the third quarter period ended on Sept. 30, the company said it is proceeding with plans to construct a 5,000 room MGM Grand Hotel/Casino and Theme Park on 115 acres of land in Las Vegas. "The design and engineering for the project and the closure of the Marina Hotel, which is on the project site, will be completed in the fourth quarter of this year with official groundbreaking by late 1990 or early 1991," the company said. MGM Grand Air, the luxury airline that operates between Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , had revenues of $8.1 million for the third quarter compared to 7.6 million in the same period in 1989, and revenues for the Desert Inn and Marina hotels were $30.7 million, a drop from $31.2 million from a year earlier. In August, just at the start of the crisis in the Persian Gulf, MGM Grand Air added three DC-8 aircraft to its fleet of three 727s and introduced a new coach service. |
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