Two Way Hard Three | Las Vegas Casino & Design Blog

August 2, 2007

MGM Mirage Quarterly Profit Up On Property Sales

Posted by Hunter

MGM Mirage had a big quarter but a large portion of the ground they gained were from one time events - property sales in Primm and elsewhere.

Still, income from continuing operations was also up - the company is healthy and I still consider it to be one of the best run in gaming - a model for the industry in that regard.

Revenues hit $2.11 billion and earnings were at $360 million with those property sales factored in. Incoming from continuing operations was $182 million, up from about $140 million in the year ago quarter.

REVPar on the Strip jumped 7%. I hope to have property specific info soon.

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Read archived comments (1 so far)
August 3, 2007 8:38 AM Posted by detroit1051

"At CityCenter, MGM Mirage's $7.4 billion development, half of the residential units that have been put on the market have sold, accounting for $1.4 billion in CityCenter sales to date."

I wonder how many multiple sale units there have been. We know 30 at Vdara went to Exclusive Resorts. There was an earlier report that someone from Hong Kong bought 25 condos at Mandarin for $4 Million each.