Beside Soaring Profits MGM Mirage Will Go Ahead With Cotai Strip Project

Written on February 21, 2008 by admin

There is little mention about their Macau Casinos, except on the Dec. 18 opening of the $1.25 billion MGM Grand Macau, a 50% joint venture in the Chinese gambling enclave of Macau, which had preopening and start-up expenses in the 2007 quarter of $25 million related to the preopening expenses at MGM Grand Macau. It also recently obtained funding for what Lanni called “seed money” for a second project on Macau’s Cotai Strip.

Casino giant MGM Mirage Inc. reported soaring fourth-quarter profits Thursday, including a hefty gain related to its CityCenter project under construction on the Las Vegas Strip.The world’s second-largest casino company said net income surged to $872.2 million, or $2.85 per share, in the period ending Dec. 31, compared with $201.6 million, or 69 cents per share, in the same period in 2006.

“Our future in this year, 2008, and well beyond is very bright,” Terry Lanni, company chairman and chief executive, told analysts in a conference call that emphasized the company’s diversification and developments in the U.S. and abroad.

For the full story check :: MGM Mirage Profit Soars

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