MGM Mirage Revises Profit After Tax Refunds

MGM Mirage Inc. revised its fourth-quarter net income to 52 cents a share from 47 cents after gaining state tax refunds for the Borgata hotel and casino in Atlantic City, N.J.

The tax credits increased net income 10% to $74.9 million, the Las Vegas-based company said in a regulatory filing.

MGM Mirage said last month that profit fell 26% to $67.9 million, but the company beat analysts’ expectations as gambling and entertainment revenue from its Las Vegas properties boosted results.

Shares of MGM Mirage rose 98 cents to $72.67 on the NYSE.

From Bloomberg News

* Harrah’s Entertainment Inc. reported that its top managers will keep their current posts after the casino operator acquires rival Caesars Entertainment Inc. Shareholders of both companies approved the deal, which will create the world’s biggest gambling company in terms of revenue.