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Mgm Mirage Inc

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BUSINESS
October 2, 2001 | From Bloomberg News
MGM Mirage Inc., owner of the Bellagio, Mirage and MGM Grand casinos in Las Vegas, said third-quarter earnings were "substantially" less than expected because customer traffic fell after last month's terrorist attacks. MGM Mirage has cut costs by telling as many as 6,000 of the 37,300 who normally work full time at its Las Vegas hotels not to come in on some days, said spokesman Alan Feldman. Hotel rates have been cut as much as 60% to lure guests, he said.
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BUSINESS
March 24, 2009 | Associated Press
The Dubai developer building an $8.6-billion complex on the Las Vegas Strip with casino company MGM Mirage Inc. is suing MGM Mirage because it's worried about the project's viability. Dubai World subsidiary Infinity World claims in a lawsuit filed Monday in Delaware Chancery Court that MGM Mirage's statements about its financial condition put the project at risk.
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BUSINESS
April 20, 2007 | From the Associated Press
Casino company MGM Mirage Inc. said it agreed to buy several pieces of land on the north end of the Las Vegas Strip for $575 million that would give it a 78-acre site to plan a "major integrated resort destination." The company said it agreed to buy a 26-acre parcel from Gordon Gaming Corp. for $444 million and eight acres from Concord Wilshire Acquisitions for $131 million. MGM Mirage also owns the adjacent Circus Circus hotel casino, which the firm said it would "expand and enhance."
BUSINESS
December 16, 2008 | associated press
Casino operator MGM Mirage Inc. is selling the Treasure Island Hotel & Casino on the Las Vegas Strip to billionaire Phil Ruffin for $500 million, the company said Monday. Ruffin, whose interests include casinos and greyhound race tracks, purchased the property through Ruffin Acquisition for $500 million cash and $275 million in secured notes issued by Ruffin Acquisition and secured by Treasure Island's assets, MGM Mirage said. The combined value of the deal, including debt, is $775 million.
BUSINESS
October 31, 2001 | Associated Press
MGM Mirage Inc., the largest hotel-casino owner in Las Vegas, is blaming the Sept. 11 terrorist attacks for a sharp drop in third-quarter earnings, but said it expects a rebound in the fourth quarter. The company posted a loss of $14.4million, or 9 cents a share, contrasted with earnings of $67.4million, or 42 cents, a year ago. Revenue fell 5.3% to $992.9 million in the quarter from $1.05 billion a year ago.
BUSINESS
March 12, 2005 | From Bloomberg News
MGM Mirage Inc. revised its fourth-quarter net income to 52 cents a share from 47 cents after gaining state tax refunds for the Borgata hotel and casino in Atlantic City, N.J. The tax credits increased net income 10% to $74.9 million, the Las Vegas-based company said in a regulatory filing. MGM Mirage said last month that profit fell 26% to $67.9 million, but the company beat analysts' expectations as gambling and entertainment revenue from its Las Vegas properties boosted results.
CALIFORNIA | LOCAL
April 16, 2007 | From Times Staff and Wire Reports
James Aljian, 75, a Tracinda Corp. executive and MGM Mirage board member, died Thursday of cancer at a hospital in Los Angeles, according to a statement issued by MGM Mirage Inc., where Aljian had served on the board of directors since 1988. He was part of a team that developed several major Las Vegas casinos, including Caesars Palace, the Flamingo Hotel, the International Hotel -- now the Las Vegas Hilton -- and the first MGM Grand Hotel, the statement said.
BUSINESS
February 2, 2005 | From Associated Press
MGM Mirage Inc. reported a more than 25% drop in fourth-quarter earnings Tuesday but still beat analyst expectations thanks to increased gambling at the company's Las Vegas Strip properties. For the three months ended Dec. 31, the gambling giant earned $67.9 million, or 47 cents a share, down from $91.7 million, or 62 cents, a year earlier.
BUSINESS
July 31, 2001 | Bloomberg News
MGM Mirage Inc., the casino company controlled by billionaire Kirk Kerkorian, is in talks to acquire a company that is developing a casino in the Chicago area. MGM Mirage said in a Securities and Exchange Commission filing last week that it began a 30-day period of exclusive talks to buy Emerald Casino Inc., based in Rosemont, Ill.
BUSINESS
April 2, 2002 | From Bloomberg News, Reuters
The New York Stock Exchange won reinstatement of a lawsuit accusing MGM Mirage Inc. of violating copyright laws when it used variations on the NYSE name in its New York-New York Hotel and Casino in Las Vegas. The world's biggest stock market sued to stop MGM Mirage, the world's second-largest gaming firm, from using references to the Big Board at the New York-themed hotel and casino, asserting they tarnished its name and trademarks.
BUSINESS
January 16, 2008 | From the Associated Press
Casino operator MGM Mirage Inc. will announce today that it is increasing its joint tender offer with Dubai World for MGM Mirage shares by 50% to 15 million, and it is setting the price at $80 a share, an executive said. The revised tender offer, at a 20% premium over the stock's most recent closing price, came after an MGM Mirage board meeting Tuesday in which directors discussed surging revenue resulting from the weak U.S. dollar, President Jim Murren said.
BUSINESS
April 20, 2007 | From the Associated Press
Casino company MGM Mirage Inc. said it agreed to buy several pieces of land on the north end of the Las Vegas Strip for $575 million that would give it a 78-acre site to plan a "major integrated resort destination." The company said it agreed to buy a 26-acre parcel from Gordon Gaming Corp. for $444 million and eight acres from Concord Wilshire Acquisitions for $131 million. MGM Mirage also owns the adjacent Circus Circus hotel casino, which the firm said it would "expand and enhance."
CALIFORNIA | LOCAL
April 16, 2007 | From Times Staff and Wire Reports
James Aljian, 75, a Tracinda Corp. executive and MGM Mirage board member, died Thursday of cancer at a hospital in Los Angeles, according to a statement issued by MGM Mirage Inc., where Aljian had served on the board of directors since 1988. He was part of a team that developed several major Las Vegas casinos, including Caesars Palace, the Flamingo Hotel, the International Hotel -- now the Las Vegas Hilton -- and the first MGM Grand Hotel, the statement said.
BUSINESS
March 12, 2005 | From Bloomberg News
MGM Mirage Inc. revised its fourth-quarter net income to 52 cents a share from 47 cents after gaining state tax refunds for the Borgata hotel and casino in Atlantic City, N.J. The tax credits increased net income 10% to $74.9 million, the Las Vegas-based company said in a regulatory filing. MGM Mirage said last month that profit fell 26% to $67.9 million, but the company beat analysts' expectations as gambling and entertainment revenue from its Las Vegas properties boosted results.
BUSINESS
February 2, 2005 | From Associated Press
MGM Mirage Inc. reported a more than 25% drop in fourth-quarter earnings Tuesday but still beat analyst expectations thanks to increased gambling at the company's Las Vegas Strip properties. For the three months ended Dec. 31, the gambling giant earned $67.9 million, or 47 cents a share, down from $91.7 million, or 62 cents, a year earlier.
BUSINESS
April 2, 2002 | From Bloomberg News, Reuters
The New York Stock Exchange won reinstatement of a lawsuit accusing MGM Mirage Inc. of violating copyright laws when it used variations on the NYSE name in its New York-New York Hotel and Casino in Las Vegas. The world's biggest stock market sued to stop MGM Mirage, the world's second-largest gaming firm, from using references to the Big Board at the New York-themed hotel and casino, asserting they tarnished its name and trademarks.
BUSINESS
January 16, 2008 | From the Associated Press
Casino operator MGM Mirage Inc. will announce today that it is increasing its joint tender offer with Dubai World for MGM Mirage shares by 50% to 15 million, and it is setting the price at $80 a share, an executive said. The revised tender offer, at a 20% premium over the stock's most recent closing price, came after an MGM Mirage board meeting Tuesday in which directors discussed surging revenue resulting from the weak U.S. dollar, President Jim Murren said.
BUSINESS
October 31, 2001 | Associated Press
MGM Mirage Inc., the largest hotel-casino owner in Las Vegas, is blaming the Sept. 11 terrorist attacks for a sharp drop in third-quarter earnings, but said it expects a rebound in the fourth quarter. The company posted a loss of $14.4million, or 9 cents a share, contrasted with earnings of $67.4million, or 42 cents, a year ago. Revenue fell 5.3% to $992.9 million in the quarter from $1.05 billion a year ago.
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