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MGM Mirage (MGM) swung to a second-quarter loss amid charges and falling revenue as the debt-laden casino giant said demand is still down but it has seen some signs of a pickup in bookings.

The company has been struggling to remain in compliance with its debt covenants and has been considering selling off properties to meet looming obligations. In May, it said it would pay back $825.6 million in debt under its senior credit facility after a stock and bond offering. Those offerings led the company to remove a bankruptcy concern statement from a filing in June, saying there is no longer "substantial doubt" about its ability to remain operational.

Dilution from the stock offering means the company is no longer controlled by billionaire investor Kirk Kerkorian.

As of June 30, MGM Mirage had about $4.1 billion of borrowings outstanding and its cash balance was about $411 million.

Chairman and Chief Executive Jim Murren on Monday called it a "monumental quarter," citing the capital-markets deals and saying the company saw a more stabilized, though still tough, operating environment.

MGM Mirage, which has a big presence on the Las Vegas Strip, posted a loss of $212.6 million, or 60 cents a share, compared with year-earlier income of $113.1 million, or 40 cents a share. The latest results included a net 45 cents in write-downs related to MGM's investments in a convertible note and the redemption of senior debt to permit its recent note issuances.

Revenue decreased 20% to $1.66 billion.

Analysts surveyed by Thomson Reuters expected a 9-cent loss on revenue of $1.49 billion.

MGM Mirage, which has 16 casinos and 50% stakes in four others, said casino revenue fell 12%. Room revenue dropped 29%, continuing to be hurt by weakness in convention bookings and business travel, while food and beverage declined 13%.

The company noted that occupancy at its Las Vegas Strip resorts slid to 94% from 97%. The locale's revenue per available room, a lodging-industry benchmark, fell 31%. Murren said the company has seen some signs of improvement in future bookings.

-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353; kerry.benn@dowjones.com