EARNINGS ROUNDUP / MGM MIRAGE
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MGM Mirage said it booked a first-quarter profit including a hefty gain from selling its Treasure Island hotel and casino in Las Vegas, but its revenue suffered from an increase in convention cancellations at its resorts on the Strip.
MGM Mirage shares jumped 74 cents, or 7.8%, to $10.18 in after-hours trading, after gaining $1.58, or 20.1%, to close the regular session at $9.44.
For the quarter that ended March 31, MGM Mirage earned $105.2 million, or 38 cents a share. But those results include a 44-cent-a-share one-time gain from selling the casino and smaller one-time gains related to a fire at MGM Mirage’s Monte Carlo resort and casino.
Analysts polled by Thomson Reuters, who generally exclude such gains, expected MGM Mirage to lose 7 cents a share.
A year earlier, the company earned $118.3 million, or 40 cents a share, unadjusted.
MGM Mirage’s revenue fell 20% to $1.5 billion, from $1.88 billion in the first quarter of 2008.
Analysts had forecast revenue of $1.58 billion.
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