Thursday, July 27, 2000 | 11:33 a.m.
SUN STAFF AND WIRE REPORTS
MGM MIRAGE of Las Vegas, today reporting its first quarterly earnings since the historic purchase of Mirage Resorts Inc. by MGM Grand Inc. in May for $6.4 billion, said the Mirage properties helped increase its second quarter profit 82 percent.
MGM Grand Inc. changed its name to MGM MIRAGE after the merger.
Profit from operations rose to $60.7 million or 40 cents per share from $33.3 million or 26 cents in the 1999 quarter. The profit topped the 34 cents expected by analysts. Revenue almost doubled to $627.2 million from $319.1 million.
MGM MIRAGE said that including non-recurring and preopening expenses, including merger costs, it lost $19 million in the quarter.
MGM MIRAGE stock was unchanged in morning trading today at $35.94.
"We are extremely proud of the operational and financial progress already achieved in such a short time as we seamlessly blend MGM Grand and Mirage Resorts to create MGM MIRAGE, the premiere company in the gaming industry," said Chairman J. Terrence Lanni. "We are experiencing broad-based internal growth throughout our portfolio of properties and are optimistic about our future prospects."
"The integration of MGM Grand and Mirage Resorts is proceeding smoothly, and we are on track to meet or exceed the financial and operating goals set when we acquired Mirage Resorts," added Chief Financial Officer James Murren.
Property highlights for the quarter:
MGM MIRAGE also owns the Golden Nugget in downtown Las Vegas, casinos in Primm, Nev., and properties in Mississippi and Michigan.
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