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Latest Business News

MGM Mirage 1Q Profit Rises 17 Percent

Thursday, May 03, 2007 5:15:30 PM
By RYAN NAKASHIMA

 MGM Grand hotel-casino is seen on The Strip in Las Vegas in this Feb. 22, 2006 file photo.  Casino operator MGM Mirage said Thursday, May 3, 2007 its first-quarter profit climbed 17 percent on strong results from its Las Vegas Strip properties and its Beau Rivage resort in Mississippi, but results missed Wall Street estimates and its shares slid more than 3 percent in early trading.   (AP Photo/Jae C. Hong, file)LAS VEGAS (AP) - Casino operator MGM Mirage Inc. said Thursday its first-quarter profit climbed 17 percent on strong non-gambling revenues in Las Vegas and its new Beau Rivage resort in Mississippi, but weaker casino results caused it to miss Wall Street estimates and its shares slid more than 4 percent.

Net income rose to $168.2 million, or 57 cents per share, for the three months ended March 31 compared with $144 million, or 49 cents per share, a year ago.

Earnings from continuing operations were $163 million, or 55 cents per share, up from $139.9 million, or 48 cents per share, a year ago.


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