UAL Corporation (NASDAQ:UAUA) Soared On Solid Earnings - Top Gainers

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MGM MIRAGE (NYSE:MGM) climbed 3% to $12.15 on 3.80 million shares within few minutes of trade. MGM Mirage Inc., (MGM 12.50, +0.70, +5.93%) the Las Vegas casino and hotels operator, expects to report a third-quarter pretax charge of $955 million before taxes for impairment of its investment in CityCenter, a project on the Las Vegas Strip that's scheduled to open late this year. In addition, CityCenter will report a $348 million impairment charge related to its residential real estate under development, MGM Mirage said in a statement on Tuesday. MGM Mirage is developing CityCenter in a 50-50 joint venture with Infinity World Development Corp. MGM Mirage will recognize half the charge to be taken by CityCenter itself, subject to adjustment. MGM Mirage now estimates the fair value of its 50% investment in CityCenter at $2.44 billion as of Sept. 30. "City Center was required to review its residential inventory under development for impairment as of Sept. 30, 2009, mainly due to City Center's September 2009 decision to discount the prices of its residential inventory by 30%," MGM Mirage said.

MGM MIRAGE is engaged in gaming and resort operations. The Company owns and operates casino resorts, which includes offering gaming, hotel, dining, entertainment, retail and other resort amenities. As of December 31, 2008, the Company’s operations consisted of 17 wholly owned casino resorts and 50% investments in four other casino resorts.