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Q4 Profit More than Doubles for MGM Mirage

LAS VEGAS-The results, net income of $201.6 million on revenue of $2.02 billion, had the company's shares trading nearly $4.00 higher this morning before things settled down.

By Brian K. Miller | Updated on February 14, 2007

LAS VEGAS-MGM Mirage reported on Wednesday a fourth-quarter 2006 profit of more than $201 million, more than double the profit it produced in the final three months of 2005. A fully operational Beau Rivage, profits from condo sales and insurance reimbursements from Hurricane Katrina are largely responsible for the outperformance.

Fourth quarter net income was $201.6 million, or $0.69 cents per share, on revenue of $2.02 billion, compared with $97.8 million, or 33 cents per share, on revenue of $1.82 billion, during the same period a year ago. For all of 2006, profit increased 46.3% to $648.3 million, or $2.22 per share, on revenue of $7.8 billion, from $443.3 million, or $1.50 per share, on revenue of $6.69 billion, in 2005.

The company said it saw $86 million in fourth quarter income from Hurricane Katrina insurance recoveries. Profits from the sale of condominium units in Tower 2 of The Signature at MGM Grand in Las Vegas contributed $0.15 cents per share to earnings during the quarter while property transactions, which include Katrina insurance recoveries, contributed an additional $0.17 cents per share.

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