Mandalay’s Profit Falls; Iraq War Cited
Mandalay Resort Group, owner of the Mandalay Bay and Luxor casinos in Las Vegas, said its fiscal first-quarter profit fell 10% as earnings fell at some of its casinos.
Net income fell to $44 million, or 69 cents a share, from $48.9 million, or 68 cents, in the year-earlier period, the Las Vegas-based company said. Revenue rose 1% to $616.5 million in the quarter ended April 30.
Mandalay said profit fell at its Luxor, Excalibur and Circus Circus casinos on the Las Vegas Strip because the Iraq war curtailed travel in March and April.
Mandalay shares fell 8 cents to $29.42 on the NYSE.