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Profit rises on tax refunds

Friday, March 11, 2005 | 11:43 a.m.

MGM Mirage and Boyd Gaming Corp. have restated their fourth-quarter profit figures to account for a tax refund.

MGM Mirage today reported earnings of $74.9 million or 52 cents per share in the fourth quarter, including a state tax refund of $11.5 million on its half-owned Borgata resort.

The company had previously reported profit of $67.9 million or 47 cents per share.

For the year, MGM Mirage earned $412.3 million compared with previously reported earnings of $405.4 million.

Boyd Gaming Corp., which owns the Borgata in Atlantic City with MGM Mirage, also received a tax refund of $11.5 million.

Boyd reported earnings of $46.9 million in the fourth quarter or 54 cents per share compared with previously reported earnings of $40 million or 46 cents per share.

The company earned $111.5 million in 2004 compared with previously reported earnings of $104.6 million for the year.

The companies were notified of the refund after they had already reported fourth-quarter earnings. The refund doesn't affect the companies' previously reported revenue or operating income.

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