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Article: Las Vegas-Based MGM Mirage Records Dip in First-Quarter Profits.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 17, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Jeff Simpson, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Apr. 17--MGM Mirage reported a decline in first-quarter profits Wednesday as the Strip giant's increased nongaming revenue wasn't enough to offset a decline in casino revenue.
MGM Mirage executives blamed economic stagnation for the drop but emphasized the company's continuing profitability despite the slow economy.
Net income fell to $51 million during the first quarter, which ended March 31, compared with $82 million during the 2002 first quarter. Earnings per share fell to 40 cents from 52 cents, just above the 39-cent consensus forecast of 20 analysts ...