First quarter losses for MGM Mirage and Las Vegas Sands

NotWavingDrowningMore land-based casino woes on the financial pages. MGM Mirage posted a Q1 net loss of $96.7M, compared with net income of $105M over the same period last year. Similarly, Las Vegas Sands lost almost $29M this quarter, but that’s an improvement over the almost $81M loss in Q1 2009. While both outfits posted losses, Sands revenue was up almost 24%, while MGM was down 3%. So where should you place your investment dollars? In gold, dummy.