MGM Mirage posts first quarter profit on sale of resort

LOS ANGELES: MGM Mirage posted a quarterly profit only after a huge gain from selling a resort, but the largest Las Vegas Strip casino operator said room cancellations were slowing. Excluding a gain of 44 cents per share on the sale of the Treasure Island resort and other one-time items, MGM posted a loss as gamblers stayed home and businesses cancelled conventions and meetings.

The No. 2 casino operator, which is controlled by billionaire Kirk Kerkorian, posted first-quarter net income of US$105.2mil, or 38 cents per share. — Reuters

, compared with US$118.3mil, or 40 cents per share, in the year-earlier period.

“Without the Treasure Island gain, MGM’s cash flow fell short of expectations,” said Oppenheimer analyst David Katz.

Net revenue fell 20% to US$1.5bil. - Reuetrs

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