On October 20, 2004, MGM/Mirage reported a $126.9 million operating profit, which is a 169% increase from the same quarter last year. “Profit at MGM Mirage jumped in the third quarter,” Las Vegas Sun’s Liz Benston reported, “[due to] customers [spending] more at new amenities such as nightclubs and restaurants and hitting the slot machines more often.”
MGM/Mirage, which currently hosts three permanent Cirque du Soleil Productions in Las Vegas (Mystère at Treasure Island, “O” at Bellagio, Zumanity at NY-NY), one soon to open (KÀ at MGM Grand), and a fifth (as yet named) at the Mirage, also has plans to merge with Mandalay Resort Group. The $7.9 billion merger is expected to close by the first quarter of 2005.
The Mandalay Resort Group currently owns or operates more than 15 casino properties throughout the United States, five of which are premiere properties in Las Vegas: Mandalay Bay, Luxor, Excalibur, Monte Carlo (50%) and Circus Circus.
MGM Mirage currently owns and operates 12 casino resorts located in Nevada, Mississippi, Michigan and Australia. It’s portfolio of brands include the Bellagio, MGM Grand Las Vegas, The Mirage, Treasure Island, New York-New York, Boardwalk Hotel and Casino, and Monte Carlo (50%) all located on the famous Las Vegas Strip.
The Bellagio is currently MGM/Mirage’s most profitable resort.
[Source: Las Vegas Sun; Ricky Russo]
