MGM MIRAGE (NYSE: MGM)
today reported record third quarter 2007 financial results, achieving
diluted earnings per share from continuing operations of $0.62, a 17%
increase over the $0.53 per share earned in 2006. Earnings benefited from
continued year-over-year growth in net revenues and income recognized
during the quarter from Hurricane Katrina insurance recoveries.
Net revenues increased 6% to $1.9 billion, a record third quarter for
the Company. The Company continues to generate significant increases in
revenues from its non-gaming operations as activity at the Company's
restaurants, nightclubs, and shows accelerated across the board and room
rates remain strong.
Key results from the quarter include:
-- Hotel revenues increased 7% led by a 6% increase in Las Vegas Strip
REVPAR(1) -- the 17th consecutive quarter of REVPAR increases at the
Company's Las Vegas Strip resorts;
-- Gaming revenues increased 3%, but decreased 3% excluding Beau Rivage;
volumes were flat and the table games hold percentage, though near the
middle of the Company's normal range, was lower than the prior year;
-- Property EBITDA(2) of $705 million was an all-time record, representing
a 13% increase over the prior year; excluding insurance recoveries,
other property transactions, preopening expenses and residential sales,
Property EBITDA was consistent with the prior-year quarter.
