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December 2, 2009

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Earnings decline as expected

Friday, Aug. 6, 1999 | 11:45 a.m.

As expected, Mirage Resorts Inc. reported sharply lower second-quarter earnings Thursday.

Mirage said net income fell to $18.5 million, or 9 cents a share, from $33.6 million, or 18 cents a share, in the 1998 second quarter. Revenue rose to $575.2 million from $315.6.

Six-month net plunged to $20 million, or 10 cents a share, from $71.7 million, or 37 cents, despite a revenue jump to $1.16 billion from $650.8 million.

The company had previously disclosed its earnings would fall due to increased competition in Las Vegas, a drop in table game win and costs associated with the slow startup of Beau Rivage, its Biloxi, Miss., resort.

Mirage stock was trading at $13.50 a share at midday today, unchanged from Thursday's close. The stock has traded as high as $25 a share earlier this year, before the company disclosed the earnings shortfalls.

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