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Article: Earnings Rise in Second Quarter at MGM Mirage of Las Vegas.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 25, 2001
CopyrightCOPYRIGHT 2001 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 Lorene Yue, Detroit Free Press Knight Ridder/Tribune Business News
Jul. 25--MGM Mirage Inc. of Las Vegas grew second-quarter earnings despite experiencing net revenue declines at five of its properties including MGM Grand Detroit.
MGM Mirage, formed when MGM Grand bought Mirage Resorts Inc. in May 2000, earned $76.6 million, or 47 cents a share, for the three months ending June 30. In the same quarter last year, the company lost $19 million, or 13 cents a share.
MGM Mirage's second-quarter per-share earnings beat the consensus estimate of 42 cents a share among Wall Street analysts.
One-time charges in the second quarter cut 7 ...