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November 10, 2009

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MGM Mirage 3Q profit falls 27 percent; hurricane hurts results

Wednesday, Oct. 26, 2005 | 8:17 a.m.

Earnings fell to $93.2 million, or 31 cents per share, from $126.9 million, or 45 cents per share, last year. Net revenue, however, rose 75 percent to $1.81 billion from $1.04 billion last year.

Adjusted earnings, which don't include charges, were $112.3 million, or 38 cents per share. On that basis, analysts were looking for higher earnings of 41 cents per share, but MGM's revenue matched estimates, according to a Thomson Financial poll.

MGM said its latest results were hurt by the closure of its Beau Rivage casino in Mississippi after Hurricane Katrina, and the impact of Hurricane Dennis in July. The Beau Rivage earned operating income of $5 million during the quarter - a sharp drop from $18 million in the prior year. MGM said the shortfall amounts to about 3 cents per share.

The Beau Rivage was badly damaged by Katrina in late August and has been closed ever since. MGM said it will stay closed for the time being.

Looking ahead, MGM pegged its fourth-quarter earnings at 30 cents to 35 cents per share. Analysts have forecast a profit of 34 cents per share.

MGM Mirage Inc. shares fell $2.30, or 5.3 percent, to $41.41 in premarket trading.

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