Today is a quarterly reporting day for MGM MIRAGE and report they did... Profits up 30%. They claim $135 million in savings from the combined MGM/Mandalay properties. I'll be listening to the conference call and updating this story as soon as I can - Windows Media Player is not cooperating at all.
Net revenues for the quarter were $1.9B and 'same-store' revenues were $1.2B, up 4% (they did 4% better even without the MBG acquisition). Occupancy stands at 97% (!) and the ADR (average daily rate, key indicator in hotel/leisure reporting) was $181 (up $5 from last year). REVPAR (revenue per available room - another key metric) was also up $5 to $175.
Quickly reading some of the detail, it looks like they wrote off about $24 million related to the Bellagio/Monte Carlo tram. This sounds like the tram is back out of service to accommodate CityCenter development. Eventually CityCenter will link the properties.
$380 million was spent on capital improvements, including CityCenter, The Mirage, Beau Rivage, and MGM Grand Detroit.
The Mirage will be the site of a new ultra lounge called 'Revolution', based on the Beatles and opening in the fourth quarter.
Supposedly the new Mirage restaurants are doing great and Japonais is scheduled to open in August.
CityCenter design for the main hotel is complete and excavation is underway. Foundations will be poured in about a month.
The Boardwalk demolition will take place on May 9th.
The new Bellagio parking garage (employees) is going to open in July.
CityCenter will have a sales center between Monte Carlo and NYNY and also 'discovery centers' in the lobbies of Bellagio and The Mirage.
Beau Rivage construction is progressing. Apparently the restaurants will be completely new, none of the old concepts are being rebuilt.