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Q3 Profits Up for MGM, Sands

LAS VEGAS-The locally-based casino operators report big leaps in third quarter profit compared to the prior year.

By Brian K. Miller | Updated on November 02, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-MGM Mirage Inc. said Thursday its third-quarter profit climbed 68%. After close of markets Wednesday, Las Vegas Sands Corp. reported a 21% increase in profit. Another locally based company, Station Casinos, on Thursday announced a 51% decline in profit.

Shares of MGM Mirage fell during morning trading on concerns about its fourth-quarter outlook but bounced back in the afternoon to close at $43.65, up $0.84 on the day. Las Vegas Sands, which reported lower than expected results from its Las Vegas properties, saw its share price fall $3.89 to $72.43. Shares of Station Casinos, which tempered its fourth-quarter outlook, fell $1.67 to $59.70. Most other casino operators on Thursday saw their share prices either fall slightly or make only slight gains.

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