Posted on: Wednesday, April 20, 2005
MGM Mirage's profits up 4.9% after expansion
Advertiser News Services
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| MGM Mirage, which owns the MGM Grand Hotel and Casino, increased its total room count in Las Vegas by 928 in December and expects to pick up another 18,400 rooms on the Strip soon.
Laura Rauch • Associated Press |
The addition of a 928-room Spa Tower at the Bellagio in December helped increase hotel sales by 17 percent and casino revenue by 10 percent. MGM Mirage's purchase of Mandalay, which may close as soon as Monday, will give it 18,400 additional hotel rooms on the Strip.
For the three months ended March 31, MGM earned $111.1 million, or 75 cents per share, up from $105.8 million, or 72 cents per share, a year ago.
Revenue per room at the company's Las Vegas Strip resorts was $167, up 15 percent from a year ago. Table games volume, including baccarat, increased 9 percent in the quarter while slot revenue climbed 13 percent.
