Two Way Hard Three | Las Vegas Casino & Design Blog
August 5, 2008
MGM Mirage Q2 Profit - Down 69%
Posted by HunterHere's a story from the Sun on today's reporting from MGM Mirage on their second quarter:
http://www.lasvegassun.com/news/2008/aug/05/mgm-2q-profit-drops-69-percent/
Some properties, such as Bellagio, didn't do as poorly as some might have guessed. Executives seemed bullish on the future.
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Recent Comments
- All Recent Comments on one page.
- Joe recently commented " Do any of you guys know if they are tearing bellagios rear marquee do..." in MGM Mirage Q2 Profit - Down 69%
- Hunter recently commented "No, the state doesn't provide that breakdown for competitive reasons. The ..." in MGM Mirage Q2 Profit - Down 69%
- detroit1051 recently commented "Socalduck, MGM stopped showing performance by individual property several y..." in MGM Mirage Q2 Profit - Down 69%
- socalduck recently commented "To say the Bellagio earings were 39% better than Wynn is a bit misleading, ..." in MGM Mirage Q2 Profit - Down 69%
- detroit1051 recently commented "I just read the transcript (errors and all) of MGM's conference call. It w..." in MGM Mirage Q2 Profit - Down 69%
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Comments
I just read the transcript (errors and all) of MGM's conference call. It was very upbeat, and MGM said the 4th Quarter and 2009 will be better. They acknowledged Macau's weak performance but said steps are underway to fix it. Bellagio is really the shining star of MGM Mirage, and MGM Grand Detroit continues to be a great performer. The transcript is worth reading:
http://seekingalpha.com/article/89246-mgm-mirage-q2-2008-earnings-call-transcript?page=-1
To say the Bellagio earings were 39% better than Wynn is a bit misleading, given the fact the Bellagio has a whole lot more rooms to sell. I would be more interestedin seeing a comparison of the two properties in terms of REVPAR and casino revenue. I would think on that basis, the competition is pretty close. Looking at the MGM 8-k, it looks like they simply group all Strip properties together. Is there somewhere that shows performance by property?
Socalduck, MGM stopped showing performance by individual property several years ago. The only stand-alone performance is for MGM Grand Detroit which can't be combined with anything else. Is the information available from the state of Nevada? I sure haven't found it and would like to see it. Can any of you Las Vegas professionals help Socalduck and me?
No, the state doesn't provide that breakdown for competitive reasons.
The state gaming info is broken down by region (i.e. Strip, Boulder Strip, Downtown, etc...)
Do any of you guys know if they are tearing bellagios rear marquee down?