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Mandalay profit beats expectations

Friday, May 18, 2001 | 3:19 a.m.

Mandalay Resort Group, a large Las Vegas casino resort operator, Friday announced earnings for the first quarter ending April 30 that exceeded even its own optimistic projections.

The company said it earned $47.4 million or 61 cents per share vs. $48.9 million or 58 cents in the prior-year quarter.

On May 4, Mandalay announced it expected to earn 60 cents per share vs. analyst expectations of 51 cents per share.

The per-share earnings increased because there were fewer shares outstanding in the quarter.

The Las Vegas company said its Mandalay Bay resort generated operating cash flow of $37 million compared with $30.5 million in the year-ago quarter, while Luxor posted cash flow of $38.3 million vs. $35.7 million.

Excalibur was flat at $28.2 million while Circus Circus improved by $1.1 million to $21.1 million.

Monte Carlo, a joint venture with MGM MIRAGE, reported flat cash flow of $27.8 million.

The company's average room rate on the Las Vegas Strip rose $9, or 9 percent vs. last year's notably strong first quarter, driven by robust convention business and strong visitor demand, Mandalay said.

The company reported declines in its smaller markets of Reno, Laughlin and Tunica, Miss.; but reported strong results at its casinos in Elgin, Ill., and Detroit.

Cash flow overall of $195.2 million was up from $192.2 million, its prior record.

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