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Analyst raises earnings estimates

Wednesday, Sept. 13, 2000 | 10:51 a.m.

Lehman Bros. gaming analyst Stuart Linde has raised earnings estimates on Mandalay Resort Group of Las Vegas, citing improving performance at flagship property Mandalay Bay.

Linde hiked estimates for the third quarter of 2001 from 44 cents per share to 50 cents per share, and fourth-quarter 2001 estimates from 21 cents to 24 cents per share. Linde also raised his 2002 earnings estimate to $2.04 per share, up from $1.90.

"Las Vegas has experienced strong trends throughout the summer that (Mandalay) will benefit from considering the company's concentration in that market," Linde wrote. "In addition, we believe that the flagship Mandalay Bay property is ramping up and will continue to show improvement."

Linde estimates Mandalay will produce $154.6 million in cash flow in the third quarter of 2001, up from an earlier estimate of $147 million. He estimated the company will produce $625 million in 2002 cash flow, up from an earlier estimate of $606.3 million.

Despite the estimate upgrades, Linde maintained his "neutral" rating on Mandalay stock.

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