Beau Rivage Fuels MGM Profit
MGM Mirage, the world’s second-largest gaming company, more than doubled its fourth quarter profit over that of the prior year with the help of a fully operational Beau Rivage, which was knocked out of commission by Hurricane Katrina in 2005.
Net income jumped to $201.6 million, or 69 cents per share, compared with $97.8 million, or 33 cents per share, at the end of 2005.
Quarterly revenue rose 11 percent to $2.02 billion versus $1.82 billion in the prior year, with the Beau Rivage contributing $89 million to revenue.
Gaming revenue climbed 13 percent on strong Las Vegas results and the Beau Rivage. Hotel revenue gained 8 percent during the quarter.