March 5, 2004 |
Mandalay Resort Group, owner of the Luxor and Mandalay Bay casinos, said fourth-quarter net income rose more than fivefold to $22.8 million after it attracted more gamblers in Las Vegas with a new hotel and convention center. Net income climbed to 35 cents a share from $4.2 million, or 6 cents a share, a year earlier. Revenue rose 11% to $604 million, the Las Vegas-based company said. Mandalay shares rose 62 cents to $52.76 on the NYSE. Results were released after the close of regular U.S.
September 3, 2004 |
Mandalay Resort Group, owner of the Luxor and Mandalay Bay casinos, said fiscal second-quarter profit rose 38% as gambling revenue increased at its Las Vegas resorts. Net income increased to $58.2 million, or 85 cents a share, from $42.3 million, or 67 cents, a year earlier, the Las Vegas-based company said. Revenue in the quarter ended July 31 rose 11% to $713.8 million. Shares of Mandalay, which is being acquired by larger rival MGM Mirage Inc., rose 13 cents to $67.
February 17, 2005 |
The Federal Trade Commission gave the OK for MGM Mirage Inc. to buy Mandalay Resort Group, creating one of the largest gambling companies in the world and giving the casino operator control of 12 resorts on the famed Las Vegas Strip. The commission voted 5 to 0 to close its investigation and put no conditions on the transaction. MGM Mirage still needs the approval of Nevada and other state regulators, which executives expect will come soon. In June, MGM Mirage agreed to purchase Mandalay for $4.
January 10, 2009 |
MGM Mirage said it would write down the value of Mandalay Resort Group by $1.2 billion because cash flows at the casino company acquired in 2005 have weakened and buyers are paying less for gaming assets. The goodwill and trademark expense will be taken in the fourth quarter, MGM said in a regulatory filing. The Las Vegas-based company, controlled by billionaire Kirk Kerkorian and the Strip's largest casino operator, paid $7.67 billion for Mandalay.
December 15, 2001 |
Mandalay Resort Group said its fiscal fourth-quarter loss will exceed analysts' estimates, citing a drop-off in New Year's bookings. The company, whose Las Vegas properties include the Mandalay Bay, Luxor, Excalibur and Circus Circus hotel-casinos, will have a "double digit" loss for the three months ending Jan. 31, it said in a regulatory filing Analysts were expecting a loss of 7 cents. Mandalay said the Sept. 11 terrorist attacks disrupted booking for New Year's weekend.
March 4, 2005 |
Mandalay Resort Group, the casino owner being acquired by MGM Mirage, said fiscal fourth-quarter profit fell 28% because gamblers' winnings and labor costs rose. Net income fell for the first time in seven quarters, slipping to $16.4 million, or 23 cents a share, from $22.8 million, or 35 cents, a year earlier, the Las Vegas-based company said. Revenue in the quarter ended Jan. 31 rose 6.9% to $645.6 million, the smallest gain in five quarters, as heavy rains kept travelers away.