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MGM Mirage sees "profound" improvement in Macau

8 Sep 2009

LAS VEGAS, Nevada -- As reported by The Wall Street Journal: "MGM Mirage has seen a 'profound' improvement in the performance of its struggling casino in Macau this summer, Chief Executive Jim Murren said in an interview Friday.

"Las Vegas-based gambling giant MGM Mirage had been losing the fight for customers against its competitors in China's gambling enclave ever since its 600-room MGM Grand Macau opened in December 2007 at a cost of $1.25 billion.

"But in August, the casino lifted its market share of Macau gambling revenue to 11%, up from 8% in June. That moved it from sixth place to fifth in the Macau market, surpassing Galaxy Entertainment Group, according to the Portuguese news agency Lusa, which compiles the data.

"Overall, Macau casinos reported a 17% jump in revenues in August after a period of decline caused by the global downturn and visa restrictions imposed by the Chinese government.

"'We're feeling better," Mr. Murren said. He noted that in the past, 'We underperformed relative to our potential,' adding, 'We made a lot of changes...'"

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