Profit at MGM MIRAGE more than doubled in the first quarter as the improving economy and special events including Chinese New Year and the Super Bowl boosted results at the company’s resorts in Las Vegas, the company reported today.
Company officials said they still don’t know what caused two of the Bellagio Casino’s main power cables to fail April 11, which led to a blackout at the casino resort for more than three days. Mirage Casino Resorts Inc. President and Chief Executive Officer Bobby Baldwin said the resort continues to investigate the cause of the failure. The company’s emergency systems “worked flawlessly” during the incident, however, he said.
MGM MIRAGE CASINO previously said the blackout could cost the company about 2 to 3 cents per share in the second quarter and today said it would shave about 1 cent per share from earnings after it recovers from its insurers.
Meanwhile, construction is continuing on a roughly 930-room hotel tower adjacent to the Bellagio Casino that is due to open by mid-December, officials said.…