MGM announces record third-quarter results
The gaming giant MGM Mirage has reported record results for the third quarter of 2007 as all of its diverse operations continued to show steady growth.
The latest figures to come out of Las Vegas show that earnings per share stood at $0.62, a 17 per cent increase on the $0.53 per share seen in the same period of 2006.
Revenues over the period rose by six per cent to $1.9 billion, an all-time third quarter high for MGM and driven partly by the performance of the company’s non-gaming operations, including its restaurants, hotels and nightclubs as well as its global operations which have seen it forge strategic partnerships with a number of overseas operators.
Commenting on these latest results, Terry Lanni, MGM Mirage chairman and CEO said: “Our growth initiatives, including strategic relationships with Dubai World and Kerzner International, reflect our ability to leverage our tremendous assets and creative energy to grow the Company.
“Our all-new MGM Grand Detroit is the clear market leader right out of the gate. We are well underway in creating the most important Las Vegas development ever, CityCenter, and we believe our MGM Grand Atlantic City project will have a similarly profound impact on the Atlantic City market,” he added.
The figures come as rival operator Hard Rock unveiled plans for a new casino resort in Penang, Malaysia.