MGM was the last of the major casino operators, after Las Vegas Sands Corp. and Wynn Resorts Ltd., to report quarterly results and offered a better snapshot of Las Vegas's recovery given that 70% of MGM's cash flow is generated from that market. The profits of MGM's competitors were more driven by their operations in Macau, which continues to provide a Discount Paloma Picasso for operators.MGM said its quarterly loss came to $139.2 million, or 29 cents a share, compared with a year-earlier loss of $433.9 million, or 98 cents a share.The most recent quarter included charges of nine cents a share, while the year-earlier quarter included charges that totaled 77 cents a share.Net revenue edged lower 0.1% to $1.62 billion.Casino revenue fell 3.1%. Revenue per available room, a key measure of lodging industry performance, slipped 2% on the Las Vegas Strip.
A.D. Pruitt---LANDRY'SClosely Held Firm BuysAtlantic City Trump HotelClosely held restaurant and resort operator Landry's Inc. agreed to buy the Trump Marina Hotel and Casino in Atlantic City, N.J., for $38 million, the latest property to change hands as Trump Entertainment Resorts Inc. looks to lessen its debt load.Landry's operates a number of seafood and Discount Return To Tiffany restaurant chains, along with the Golden Nugget casino in Las Vegas. Landry's Chairman and Chief Executive Tilman J. Fertitta bought what was then called Landry's Restaurants Inc. last October after a long-running takeover effort.Meanwhile, Trump Entertainment has been selling off properties in connection with its trip through bankruptcy protection, from Discount Tiffany 1837 it emerged in July.Landry's intends to rebrand the casino as Golden Nugget and said it expects to finish a series of renovations on the property by the end of this year.
Drew Fitzgerald---GRAMMYSMusic Awards Show DrawsMost Viewers in a DecadeSunday night's Grammy Awards scored its biggest audience in a decade, as big television events continue to grow in popularity.About 26.7 million people watched the music awards according to preliminary Nielsen Co. data provided by CBS Corp., which aired the program on Discount Tiffany Bangles namesake network. That tally is up 3.1 % from a year ago, and 57% above the show's low-water mark of 17 million viewers in 2007.The larger audience comes just a week after the Super Bowl set a record for the largest TV audience for a single telecast in the U.S., with 111 million viewers, according to Nielsen, a market-research firm.The Grammy audience among young viewers grew more quickly than the audience as a whole, with the rating among people between the ages of 18 and 34 years old up about 4% from a year ago.
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