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MGM Misses Estimates, LV Sands Profit Falls 25%

LAS VEGAS-Shares of casino operators were trading lower Thursday on investors' reaction to first quarter earnings reports by MGM Mirage and Las Vegas Sands Corp.

By Brian K. Miller | Updated on May 03, 2007

LAS VEGAS-Locally based casino operators MGM Mirage Inc. and Las Vegas Sands saw their share prices fall Thursday after the release of their first quarter earnings reports. MGM Mirage missed analysts estimates by several cents per share while Las Vegas Sands reported a 25% dip in profit.

In early afternoon trading, the share price of MGM was down 3.7% ($2.52) to $65.80 and the share price of Las Vegas Sands was down 4.6% ($4.04) to $84.53. Shares of Wynn Resorts, which will release results on Monday, also took a hit, falling 3.6% ($3.85) to $103.20 in afternoon trading.

Citing lower gambling revenue at its mass-market casinos on the Las Vegas Strip, MGM Mirage reported first quarter net income of $168.2 million, or $0.57 per share. The result is a 17% increase from the first quarter of 2006, when net income was $144 million, or $0.49 per share. However, diluted earnings per share, at $0.55, came in below analysts expectations of $0.63 per share.

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