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MGM Mirage (MGM) swung to a second-quarter loss amid charges and falling revenue as the casino giant said that, while demand is still low, signs of a pickup in bookings are afoot.

The results offered few surprises and were largely in line with expectations. They also follow relatively mixed performances by the other major casino operators this earnings season. In wake of the report, MGM Mirage's shares declined 3% to $7.45 in recent trading.

MGM Mirage, which has a large 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.

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

Casinos, especially those in tourist destinations such as Las Vegas and Atlantic City, continue to suffer from a sharp drop in revenue and visitors due to rising unemployment and steep declines in consumer spending. MGM Mirage recently executed more than $2 billion in stock and bond offerings to help whittle down its hefty debt load, while removing a bankruptcy threat.

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

Union Gaming Group noted in a report that MGM Mirage beat estimates for earnings before interest, taxes, depreciation and amortization, "marking the second consecutive quarter of sequential property Ebitda improvement."

"To a degree management's cost initiatives have mitigated negative operating leverage for the last two quarters and underscore material positive operating leverage with any positive inflection in operating results. To that end, 2Q results demonstrate some signs of stabilization," Union Gaming said.

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 revenue from food and beverage declined 13%.

MGM Mirage said 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 A.D. Pruitt, Dow Jones Newswires; 212-416-2197; angela.pruitt@dowjones.com

(Kerry Grace Benn contributed to this report.)