Closure of Siegfried & Roy Show to Hurt MGM Mirage’s Profit
MGM Mirage’s annual profit may be cut as much as 10 cents a share because the company closed its Siegfried & Roy show after magician Roy Horn was attacked by a tiger Friday, Deutsche Bank analyst Marc Falcone said.
But the company’s stock held up relatively well Monday: It eased 35 cents, or 1%, to $36.48 on the New York Stock Exchange.
For the record:
12:00 a.m. Sept. 4, 2004 For The Record
Los Angeles Times Saturday September 04, 2004 Home Edition Main News Part A Page 2 National Desk 1 inches; 58 words Type of Material: Correction
Siegfried & Roy -- Articles in various sections of The Times have been in conflict about the weight of the tiger that mauled illusionist Roy Horn on Oct. 3. Times reports have given its weight as 300, 550 and 600 pounds. Siegfried & Roy’s publicist and Las Vegas animal control officials said the tiger weighed about 380 pounds.
Horn, 59, was bitten in the neck by a 600-pound white tiger during a performance at the Mirage hotel and casino in Las Vegas. Horn remains in critical condition, said Cheryl Persinger, a spokeswoman for University Medical Center in Las Vegas.
The show, featuring illusions with tigers and other animals, has been canceled indefinitely, MGM spokesman Alan Feldman said.
Siegfried & Roy’s six weekly shows always sold out at the Mirage’s 1,504-seat theater, Feldman has said.
Analysts estimated that MGM Mirage got less than half the revenue from the sale of the $110.50 show tickets. But the Mirage will lose restaurant, casino and retail revenue from guests who would have seen the show, Falcone said.
“It’s been an outstanding and very successful show,” Falcone said. He estimated that the loss of the show would cut the company’s annual profit by 5 cents to 10 cents a share.
MGM Mirage had been forecast to post a profit of $1.49 a share in 2003 and $1.77 in 2004, based on the consensus estimates of analysts in a Thomson First Call survey.
The company gets two-thirds of its profit from its Las Vegas casinos, including the Mirage, Bellagio and MGM Grand.
