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MGM Mirage Earnings Up 18% Despite Vegas

LAS VEGAS-The company's Beau Rivage Casino in Mississippi and insurance recoveries related to Hurricane Katrina offset underperformance in Vegas.

By Brian K. Miller | Updated on October 30, 2007

LAS VEGAS-MGM Mirage on Tuesday reported an 18% increase in third quarter earnings due largely to Mississippi, not Las Vegas, where most of its casinos are located. In addition to its re-opened Beau Rivage casino there, performing profits also benefitted from insurance recoveries related to Hurricane Katrina damage.

The casino operator says it earned $183.9 million, or $0.62 per share, in the quarter, compared with $156.3 million, or $0.54 per share, in the same period one year earlier. Analysts expected a profit of $0.50 per share, according to Thomson Financial.

The insurance recoveries added $0.24 cents to the company’s earnings per share. The company did not break out revenue growth at Beau Rivage, but it did say that its net revenue, which met analyst expectations by increasing 6% to $1.9 billion, would have increased only 2% if Beau Rivage weren’t in the picture. In addition, it said gaming revenue increased 3% across the portfolio but, when Beau Rivage is excluded, decreased 3%.

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