Mandalay posts a quarterly loss

Wednesday, Feb. 23, 2000 | 4:24 a.m.

Mandalay Resort Group, as expected, posted a decline in fourth-quarter earnings Wednesday because of soft business for the New Year's Millennium celebration.

The Las Vegas-based casino operator said it earned, on an operating basis, 1 cent per share vs. 16 cents in the year-ago quarter.

After its portion of preopening expenses for the MotorCity Casino in Detroit, Mandalay lost $5.4 million or 6 cents per share for the quarter vs. a profit of $14.6 million or 16 cents a year earlier.

Mandalay Resort Group said its new Mandalay Bay resort in Las Vegas posted nearly $18 million in operating cash flow during the quarter. Luxor generated $20.3 million vs. $23.9 million a year ago, Circus Circus-Las Vegas posted $11 million vs. $11.5 million and Excalibur's cash flow was $17.2 million, up from $15 million in the year-ago quarter.

Mandalay stock closed Wednesday at $14.65, up 56 cents.

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