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By Deena Beasley LOS ANGELES, Nov 5 (Reuters) - MGM Mirage posted a third-quarter loss on Thursday as consumers spent less at its Las Vegas resorts and it wrote down the value of its latest casino project, but the results were better than expected and shares rose nearly 3 percent. The No. 2 casino operator, whose largest shareholder is billionaire Kirk Kerkorian, reported a net loss of $750.4 million, or $1.70 a diluted share, compared with year-earlier net income of $61.3 million, or 22 cents a share. Charges totaled $1.72 a share, including a write-down of the $8.5 billion CityCenter project, a joint venture with Dubai World which is set to begin opening on the Las Vegas Strip in December. Excluding one-time items, the company earned 1 cent per share, well ahead of the 8-cent-per-share loss forecast by analysts, as compiled by Thomson Reuters I/B/E/S. "They did a little better than people had expected," said KeyBanc Capital Markets analyst Dennis Forst. "But the focus is on CityCenter and a turnaround in the economy." He said MGM's gaming results were ahead of expectations, "but everything else still indicates that business is quite difficult." Revenue, adjusting for promotional allowances, fell 14 percent to $1.53 billion but beat the $1.47 billion forecast by analysts. Shares of MGM, whose holdings include nine Las Vegas Strip casino-hotels, gambling resorts in Mississippi and Michigan, and joint ventures in New Jersey and China's Macau, were up 25 cents at $9.57 early on the New York Stock Exchange. (Additional reporting by Karen Jacobs in Atlanta; editing by Gerald E.
McCormick and Derek Caney) Keywords: MGMMIRAGE/ (deena.beasley@thomsonreuters.com; 1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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Data is a real-time snapshot *Data is delayed at least 15 minutes