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Home > Fortune 500 Companies > MGM MIRAGE
MGM MIRAGE
MGM Mirage is a publicly traded company having a good stock performances result. It is one of the world's leading and most respected hotel and gaming companies, which owns and operates 24 properties located in Nevada, Mississippi and Michigan, and has investments in four other properties in Nevada, New Jersey, Illinois and the United Kingdom. MGM Mirage is a Fortune 500 stock listed company trading under MGM symbol.
The company has also proclaimed plans to develop Project CityCenter; a multi billion dollar mixed use urban development project in the heart of Las Vegas, and has a 50 percent interest in MGM Grand Macau, a development project in Macau. They support responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. It has also been the receiver of numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs.
Adjusted earnings from continuing operations per diluted share were 0.35 dollars in 2005, representing the Company's best fourth quarter performance ever, and an increase of 25 percent over the 0.28 dollars earned in the 2004 quarter. The Company continues to benefit from the addition of the resorts acquired in the Mandalay Resort Group merger, as well as strong operating trends at existing resorts. The fourth quarter results punctuate a record year for the company, with full year Adjusted of 1.62 dollars against 1.28 dollars in 2004. Net revenues increased by 65 percent to 1.8 billion dollars for the quarter. Same-store net revenues were 1.1 billion dollars for the quarter, went up by 11 percent compared to previous year. Revenues were strong in all operating areas. Highlighting the gaming results was increased by 11percent in same-store slot revenues.
Non-gaming revenues also increased considerably, with same store hotel revenues went up by 20 percent and same store food and beverage revenues went up by 17 percent. Revenue per available room at the Company's Las Vegas Strip Resorts increased 8 percent on both a same-store and pro forma basis.
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