Strong year-end results at MGM
Casino operator MGM Mirage has reported strong fourth quarter results, driven mainly by a boom in its Las Vegas businesses.
Revenues at the company’s casinos increased 10 per cent during the three-month period to 31 December, while Revpar (revenue per available room) increased 13 per cent at the company’s Las Vegas resorts.
MGM’s chief executive, Terry Lanni, said: “The increase in net revenue during the fourth quarter was representative of revenue gains in all of the company’s operations.
“Strong casino and hotel volumes were driven by ongoing investments in new amenities, continued increases in room rates and higher spending by customers throughout the company’s resorts.”
MGM, which acquired rival Mandalay Group for $7.9bn (£4.3bn, E6.1m) in June 2004, owns and operates 11 casino resorts located in Nevada, Missisippi and Michigan.
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