Earnings could be boosted by big Bellagio win, analyst says

Wednesday, Sept. 6, 2000 | 10:30 a.m.

PaineWebber gaming analyst Robin Farley estimated Tuesday that MGM MIRAGE earnings could be boosted by 5 to 7 cents per share in the quarter ending Sept. 30 following reports of a huge loss by a famed high-roller at the Bellagio.

Australian media outlets have reported that billionaire Kerry Packer lost about $20 million during a recent visit to the Bellagio. Packer is Australia's richest man, and is a long-time patron of Las Vegas casinos.

"We estimate this large win could add 5 to 7 cents to MGM MIRAGE's (quarterly earnings), although we back out abnormal table luck (good or bad) when analyzing gaming company results," Farley wrote.

However, Packer is now denying the reported size of his loss, calling the reports "absolutely ludicrous."

"The amounts of money spoken about are nowhere near the true figures," Packer told the Australian newspaper.

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