Casinos’ Results Beat Forecasts

MGM Mirage said first-quarter profit fell a less-than-expected 2.3% as travel to Las Vegas picked up.

The second-largest casino company said net income fell to $82 million, or 51 cents a share. Excluding pre-opening costs, profit from operations was $85.2 million, or 53 cents, exceeding estimates. Revenue fell 4% to $1.13 billion.

The owner of the Mirage and Bellagio hotels and casinos in Las Vegas said more gamblers were coming to the No.1 gaming market after a drop after Sept. 11. The average room rate at the Mirage was down 8.3% from a year earlier, compared with a 15% year-over-year decline in the fourth quarter.

MGM Mirage shares rose $2.40 to $38.27 on the NYSE.

Separately, Harrah’s Entertainment Inc., the No.3 casino company, said its first-quarter profit from operations rose 93% as more gamblers visited its riverboat and Atlantic City, N.J., casinos.

Las Vegas-based Harrah’s profit from operations rose to $85.2 million, or 75 cents a share. Revenue rose 13% to $984 million, beating analysts’ estimates.

Harrah’s shares rose $3.49 to $50.43 on the NYSE.