MGM Mirage’s Profit Falls 11 Percent

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MGM Mirage, the biggest casino owner on the Las Vegas Strip, reported a first quarter profit from the sale of a casino. The company said business is stabilizing.

Net income dropped 11 percent to $105.2 million, or 38 cents a share, from $118.3 million, or 40 cents, a year earlier, the Las Vegas-based company said. The results included a gain of 44 cents from the sale of Treasure Island.

Revenue tumbled 20 percent to $1.5 billion from $1.88 billion a year earlier. MGM Mirage is selling rooms at steep discounts through Web sites such as Orbitz to attract tourists in the city’s worst gambling slump on record. But the worst may be over, Chief Executive Officer Jim Murren said.





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