MGM MIRAGE Reports Record Second Quarter Revenue And Cash Flow

27th Jul 2000

MGM MIRAGE (NYSE: MGG) today reported
an 82% increase in net income, before non-recurring charges and preopening
expenses, to $60.7 million for the second quarter ended June 30, 2000 compared
with $33.3 million in the year ago period.  Including non-recurring and
preopening expenses the Company reported a net loss of $19 million.

Earnings per share, before non-recurring charges and preopening expenses,
rose 54% to 40 cents a share, up from 26 cents a share in the prior-year`s
quarter.  These results reflect strong casino and hotel volume, improved
operating margins, same-store cash flow growth, and the one month impact of
the historic acquisition of Mirage Resorts, Incorporated (“Mirage Resorts”).
These second quarter results exceeded the average estimate of 34 cents a share
from analysts polled by First Call Corp.  Revenues and operating cash flow
soared 97% and 103%, respectively, representing the sixth consecutive
quarterly increase in revenue and EBITDA on a year-over-year basis.  Excluding
the Mirage Resorts acquisition, revenue rose 36% to $433.7 million while
EBITDA grew 54% to $151.2 million quarter-over-quarter.

Second Quarter Company Highlights:

— Our net revenue was an all-time record high of $627 million
— Our earnings rose 54% to 40 cents per diluted share before
      non-recurring charges and preopening expenses

— Our EBITDA increased to an all-time record $199 million
— All of our operating properties produced significant free cash flow
— We raised $1.23 billion in a private equity placement of 46.5 million


— We completed the acquisition of Mirage Resorts on May 31st,
      representing the largest transaction in the history of the gaming
      industry, closing in just 87 days

— We secured $4.3 billion in bank financing
— We issued $710 million in Senior Subordinated Notes
— We sold approximately $154 million in non-strategic assets acquired in
      the Mirage Resorts acquisition

— We achieved significant cost savings ahead of targeted results


Recommended for you

Follow Breaking Travel News

Travel Events Calendar

Media Partnerships

Global Restaurant Investment ForumThe Hospitality & Tourism SummitCATHIC
ITB AsiaChina Outbound Travel & Tourism MarketThe Travel Marketing Store
Serviced Apartment SummitWorld Travel MarketIMEX
AHICWTTCRoutes Online
UBM Aviation