Mandalay Profit Falls on Costs, Casino Wins
Mandalay Resort Group, the casino owner being acquired by MGM Mirage, said fiscal fourth-quarter profit fell 28% because gamblers’ winnings and labor costs rose.
Net income fell for the first time in seven quarters, slipping to $16.4 million, or 23 cents a share, from $22.8 million, or 35 cents, a year earlier, the Las Vegas-based company said. Revenue in the quarter ended Jan. 31 rose 6.9% to $645.6 million, the smallest gain in five quarters, as heavy rains kept travelers away.
Shares of Mandalay, which reported the quarter’s results after the close of regular U.S. trading, fell 3 cents to $70.84 on the NYSE. Las Vegas-based MGM Mirage fell 8 cents to $75.67.
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