MGM Mirage Suffers A Setback Due To Katrina
Hurricane Katrina’s effect was devastating on the MGM Mirage. The company had to shut down its Beau Rivage Casino in Biloxi, Mississippi for the whole of September. The company suffered a major setback in its third quarter net income and share prices. MGM mirage experienced a 26.5% decrease in its net income compared to the previous year, while its share dropped from 45 cents to 31 cents.Last year MGM Mirage’s net income was $126.8 million while this year it is $93.2 million. The Wall Street saw more than 6.6 million shares being traded on a single day and finally the MGM Mirage closed at $37.75, down $5.96. Other Las Vegas casino operators have also suffered loss due to the damages caused by the hurricane leading the shares to come down. Harrah’s Entertainment went down by 4.99%, Boyd Gaming Corp. by $.03% and Pinnacle Entertainment by 2.22%. Beau Rivage will be closed for another 12 to 16 months as the hurricane has destroyed most of its restaurant, casinos and retail areas.
0 Comments:
Post a Comment
<< Las Vegas Homes News