The numbers reflected a continued boost from the May acquisition of Mirage Resorts and the performance of the company's Strip properties. Meanwhile, MGM Mirage executives said they don't expect the California energy crisis to take a big toll on their Strip operations, which they said draw much of their business from a higher income group that will not postpone vacations because of the troubles.
Cash flow is defined as earnings before interest, taxes, depreciation and amortization.
MGM Mirage has contracts to manage three casinos in South Africa. Our challenge was to leverage these resorts to achieve the type of returns that would driver shareholder value. Lanni noted in a Thursday conference call with investors and financial analysts that his company is interested in entering the Chicago casino market. The Midwest market has received greater interest in light of an Illinois regulatory agreement struck this week that will have Horseshoe Gaming's Jack Binion and his Horseshoe Gaming sell a Joliet riverboat after failing to receive a state gaming license. Robertson Stephens financial analyst Harry Curtis said MGM Mirage continues to outperform other major casino companies in several sectors.