Las Vegas Sun

November 11, 2009

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Summary box: MGM Mirage, Wynn Resorts report mixed results

AP

Tuesday, Oct. 30, 2007 | 11:56 a.m.

MIXED RESULTS: MGM Mirage Inc. reported earnings per share of 42 cents, below analysts' expectations of 50 cents. Revenue rose 6 percent to $1.9 billion. Wynn Resorts Ltd. reported adjusted per-share income of 67 cents per share, beating estimates of 63 cents. Revenue more than doubled to $637 million.

SHARES HIT: MGM Mirage shares fell 1.8 percent by the market close and another 26 cents after hours to $91.03. Wynn shares dropped 2.9 percent by the market close and another 4.4 percent after hours to $160.55. The shares are up 11 percent and 79 percent respectively since the beginning of July.

FUTURE BETS: Both operators are building billions of dollars worth of new projects. In Las Vegas, Wynn's $2.2 billion Encore is set to open in early 2009, while MGM's $7.8 billion CityCenter is set to open in 2010. In Macau, the $1.25 billion MGM Grand Macau is set to open by the end of the year and Wynn is also building a $600 million expansion tower called Wynn Diamond Suites to open in 2010.

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