MGM MIRAGE (NYSE: MGG) announced today
that its earnings for the quarter ending September 2001 will be substantially
below the consensus estimate of $0.38 per share as a result of the reduced
activity following the terrorist attacks of September 11, 2001.
Until September 11, we were on our way to another very strong quarter.
Obviously, the tragic events have meaningfully disrupted the travel and resort
industries. The most profound effect occurred immediately after the attack.
Business activity has gradually improved but is not nearly back to pre-attack
levels,” said Jim Murren, President and CFO of MGM MIRAGE. “We have
implemented numerous initiatives to improve revenues and reduce costs to
manage our business in the current environment. Our primary objective at this
time is to increase customer volume so that we may bring back as many of our
displaced employees as quickly as possible. While the short term impact will
remain significant, we are confident of our long term prospects given the
quality of our people, assets and brands.”
MGM MIRAGE expects to report third quarter results on October 30, 2001.