MGM Mirage's Q4 Soars

MGM Mirage's fourth-quarter earnings more than quadrupled, from $201.6 million in 2006 to $872.2 million this year. Revenue for the fourth quarter was also up from $1.85 billion to a record $1.93 billion, according to the company.

In other good news, the company's CityCenter isn't scheduled to open in Las Vegas until late 2009, and it's already making money.

On Nov. 15, Dubai World, the investment arm of the government of Dubai, United Arab Emirates, entered a joint venture with MGM Mirage that would give the investor a 50-percent stake in the company and MGM close to $2.5 billion for the $8 billion CityCenter project.

MGM Mirage, owner of Mandalay Bay Resort & Casino and MGM Grand in Las Vegas, among other properties, is expanding its empire even further:

• The MGM Grand Detroit opened Oct. 2.
• The company announced plans to build the MGM Grand Atlantic City, a nearly $5 billion casino resort.
• An MGM-branded, $3 billion non-gaming resort will be managed by the company in Abu Dhabi, U.A.E.
• On Dec. 18, the MGM Grand Paradise, 50-percent owned by the company, opened in Macau.

“Even while closing on the most historic transaction in our company's history, the CityCenter joint venture and strategic relationship with Dubai World, our dedicated employees delivered exceptional operating results,” said Terry Lanni, MGM Mirage chairman and CEO, during a quarterly earnings conference. “Our company is ideally positioned to excel domestically and internationally. We have the premier resorts in our markets and a focused management team, and we continue moving forward on substantial growth initiatives.”