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MGM Mirage books 1Q profit including casino sale

MGM Mirage books 1Q profit including casino sale

MGM Mirage says it booked a first-quarter profit including a hefty gain from selling its Treasure Island hotel and casino in Las Vegas, but its revenue fell short of expectations.
For the quarter that ended March 31, MGM's earned $105.2 million, or 38 cents per share. That's down from $118.3 million, or 40 cents, a year ago.
The results include a 44-cent-per-share gain from the casino sale. Analysts polled by Thomson Reuters, who generally exclude such one-time items, expected a 7-cent loss on revenue of $1.58 billion.
MGM Mirage's revenue fell 20 percent to $1.5 billion, hurt in part by convention cancellations.
Terms of some of the Las Vegas-based company's more than $13 billion in debt are waived until June 30.


Updated : 2021-03-07 19:54 GMT+08:00