MGM Profit Soars on Strong Visitor Traffic
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Profit more than doubled at gambling giant MGM Mirage Inc. in the latest quarter, boosted by strong visitor levels and guest spending at its casinos.
The Las Vegas-based company, second only to Caesars Entertainment Inc. in the industry, reported fourth-quarter net income of $91.7 million, or 62 cents a share, up sharply from the previous year’s $39 million, or 25 cents a share.
Revenue rose 6% to $1.08 billion from $1.02 billion.
For all of 2003, MGM Mirage reported net income of $243.7 million, or $1.61 a share. That was down 17% from $292.4 million, or $1.83 a share in 2002. Sales rose 2.4% to $4.3 billion from $4.2 billion.
MGM Mirage shares fell 94 cents to $39.51 on the NYSE.
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