By Anastasia Tomazhenkova: The world's second-largest casino operator, MGM Mirage Inc., posted that its quarterly profit rose, helped by a gain from a contribution that the CityCenter project made to a joint venture of MGM and Dubai World.
MGM, which operates resorts including the Bellagio, Mandalay Bay and Circus Circus in Las Vegas, had fourth-quarter net income of 872 million dollars, or 2.85 dollars a share, compared with 201.6 million dollars, or 69 cents a share, in the year-earlier period
Analysts polled by Thomson Financial expected net income of 55 cents a share on revenue of 1.92 billion dollars.
Revenue for the three months ended December 31 rose to 2.11 billion dollars from 2.02 billion dollars a year earlier. Wall Street's consensus was for revenue of 1.92 billion dollars.
Shares of the Las Vegas-based casino resorts operator closed Wednesday at 64.59 dollars.
MGM Mirage says its fourth-quarter profit soared, primarily on a hefty gain related to its CityCenter project.
MGM says quarterly revenue rose 4%.
Shares rose 1.67 dollar, or 2.6%, to 66.26 dollars at the open of trading.