MGM Mirage posted a net loss of $433.9 million or 98 cents per share for last quarter in 2009 unveiling a significant improvement in the company's performance, which lost $1.15 billion or $4.15 a share in the corresponding period of the previous fiscal.

Moreover, the current losses included an extraordinary element in form of charges of 73 cents per share pertaining to an undeveloped land holding of the company in Atlantic City. Excluding the same the company's losses would have narrowed to just 25 cents a share.

Some degree of cost cutting and a relatively stable occupancy rate at Las Vegas helped the company narrow its losses, MGM Mirage said in a statement.

However, the company's results remained below expectation. Analysts expected the losses to be around 14 cents a share.

The company's top-line shrank six per cent to $1.5 billion owing to a sharp 16 per cent decline in revenue-per-available room in Las Vegas. Revenue from gambling and rooms also took a hit as they slumped seven per cent and
14 per cent respectively. However, average per day occupancy increased to 86 per cent from 85 per cent earlier.