BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[MGM Mirage banks earnings thanks to Treasure Island sale]]>http://www.bloggingstocks.com/2009/05/05/mgm-mirage-banks-earnings-thanks-to-treasure-island-sale/http://www.bloggingstocks.com/2009/05/05/mgm-mirage-banks-earnings-thanks-to-treasure-island-sale/http://www.bloggingstocks.com/2009/05/05/mgm-mirage-banks-earnings-thanks-to-treasure-island-sale/#commentsFiled under: , ,

MGM Mirage hotel in Las VegasMGM Mirage (NYSE: MGM) showed its hand in the earnings confessional Monday night after the close. The gaming firm banked 38 cents per share, or $105.2 million, compared with year-ago results of 40 cents ($118.3 million). Net revenue was down 20% to $1.5 billion.

Excluding gains related to the sale of Treasure Island resort, the company lost six cents per share, falling short of analysts' estimates. MGM CEO and Chairman Jim Murren told investors in a conference call that while room rates are "firming" and overall demand seems improved, "[MGM] is not out of the woods yet by any stretch in this market ... at least [visitors] have got their wallets in their pockets [now] and they're spending a little more."

Continue reading MGM Mirage banks earnings thanks to Treasure Island sale

MGM Mirage banks earnings thanks to Treasure Island sale originally appeared on BloggingStocks on Tue, 05 May 2009 09:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>casino stocksCasinoStocksfeaturedgamblinglas vegasLasVegasmgmmgm mirageMgmMiragetreasure islandTreasureIslandTue, 05 May 2009 09:45:00 EST<![CDATA[MGM Mirage unloads Treasure Island for $500 million]]>http://www.bloggingstocks.com/2008/12/15/mgm-mirage-unloads-treasure-island-for-500-million/http://www.bloggingstocks.com/2008/12/15/mgm-mirage-unloads-treasure-island-for-500-million/http://www.bloggingstocks.com/2008/12/15/mgm-mirage-unloads-treasure-island-for-500-million/#commentsFiled under:

MGM Mirage (NYSE: MGM) has reached a deal to sell its Treasure Island Hotel & Casino to Phil Ruffin for $500 million in cash. The deal has a total value of $775 million including $275 million in secured notes. In a press release announcing the deal, Ruffin said that "We are very excited to be in a position to acquire such a stellar property in Treasure Island. The property is in pristine condition, ideally located in the heart of the Strip and benefits from a wonderful team of outstanding employees. We are financially positioned to close on this transaction once all of the necessary approvals have been received."

MGM said it anticipates recording a "substantial gain" on the sale of the property, which was purchased as part of MGM Grand's acquisition of Mirage Resorts in May of 2000.

Shares of MGM Mirage are up about 11% on the news, although they were up more than 23% in earlier trading. Given the state of the economy and MGM's leveraged balance sheet, the proceeds of the deal are likely to be used to pay down the company's substantial debt load.

MGM Mirage unloads Treasure Island for $500 million originally appeared on BloggingStocks on Mon, 15 Dec 2008 12:03:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>inthenewsMGMMGM MirageMgmMirageTreasure IslandTreasureIslandMon, 15 Dec 2008 12:03:00 EST