Las Vegas Sun

November 9, 2009

Currently: 67° | Complete forecast | Log in

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.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 9 Mon
  • 10 Tue
  • 11 Wed
  • 12 Thu
  • 13 Fri

All events on Monday »