Two Way Hard Three | Las Vegas Casino & Design Blog

MGM Mirage reports Q12007 results this morning and despite posting some strong numbers that were solid gains, they didn't meet analyst consensus estimates for net income, mostly from lower than expected Las Vegas Strip gaming revenues.

Mississippi with Beau Rivage had a strong surge in activity as the property continues to come back from Katrina. Beyond that, Strip REVPAR jumped 9% and EBITDA was up as well.

I like to look at occupancy, ADR and REVPAR more than the revenue figures to get a feel for the real property performance and there was some growth there as well. The blended ADR for the Strip was $169 for the quarter and REVPAR at $162 with occupancy of 96%.

Here's the press release.

Technorati Tags: , , , , , , , , , , ,


Read archived comments (1 so far)
May 3, 2007 2:20 PM Posted by detroit1051

Lanni makes his position on the NBA very clear:
"The company said the NBA All-Star game in February, which fell on the same weekend as Chinese New Year, had a detrimental effect on normally higher table games revenue in Las Vegas.
During the All-Star game weekend there was a spike in arrests and complaints about rowdy behavior. Five people were shot during the weekend, including three outside a Las Vegas strip club. Tennessee Titans cornerback Adam "Pacman" Jones and two friends are being investigated for their roles in an earlier brawl outside the same venue.
"The gang-bangers and others who came for purposes other than attending the game, they weren't very good for Las Vegas," chief executive Terry Lanni told The Associated Press.
Instead of gambling, many people stayed in their hotel rooms, Lanni said.
Lanni said the weekend soured the company's support for bringing an NBA team to Las Vegas, a move under consideration by commissioner David Stern.
"Mr. Stern can keep his basketball franchises out of Las Vegas as far as I'm concerned," Lanni said."