MGM Mirage Blames Terrorism for Profit Fall
MGM Mirage Inc., the largest hotel-casino owner in Las Vegas, is blaming the Sept. 11 terrorist attacks for a sharp drop in third-quarter earnings, but said it expects a rebound in the fourth quarter.
The company posted a loss of $14.4million, or 9 cents a share, contrasted with earnings of $67.4million, or 42 cents, a year ago.
Revenue fell 5.3% to $992.9 million in the quarter from $1.05 billion a year ago.
“The terrorist attacks had a profound impact on the hotel and travel industry and our business,” said Terry Lanni, chairman and chief executive of the Las Vegas-based company.
“Prior to the events of Sept. 11, our company was on track to achieve another strong quarterly operating performance.”
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