MGM Mirage Profit Skyrockets

21 Jul 2004

LOS ANGELES – As reported by Reuters: "MGM Mirage (NYSE:MGG) on Wednesday reported its second-quarter profit nearly doubled, topping estimates, as hotel rooms filled up and gamblers flocked to its Las Vegas casinos.

"The company forecast 6 percent to 8 percent growth in third-quarter hotel room revenue and backed analysts' earnings estimates for the period. Its shares rose 3 percent.

"MGM, which owns the Bellagio and MGM Grand resorts on the Las Vegas Strip and is in the process of buying cross-town rival Mandalay Resort Group(NYSE:MBG), posted a second-quarter net profit of $104.7 million or 72 cents per share, compared with $53.8 million or 35 cents per share a year earlier.

"…Banc of America analyst J. Cogan said the company's outlook for growth in hotel room revenue should improve confidence among investors.

"…Shares rose $1.24 to $43.57 in late morning trade on the New York Stock Exchange…"

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	MGM Mirage Profit Skyrockets 21 Jul 2004 LOS ANGELES – As reported by Reuters: "MGM Mirage (NYSE:MGG) on Wednesday reported its second-quarter profit nearly doubled, topping estimates, as hotel rooms filled up and gamblers flocked to its Las Vegas casinos. "The company forecast 6 percent to 8 percent growth in third-quarter hotel room revenue and backed analysts' earnings estimates for the period. Its shares rose 3 percent. "MGM, which owns the Bellagio and MGM Grand resorts on the Las Vegas Strip and is in the process of buying cross-town rival Mandalay Resort Group(NYSE:MBG), posted a second-quarter net profit of $104.7 million or 72 cents per share, compared with $53.8 million or 35 cents per share a year earlier. "…Banc of America analyst J. Cogan said the company's outlook for growth in hotel room revenue should improve confidence among investors. "…Shares rose $1.24 to $43.57 in late morning trade on the New York Stock Exchange…"