LAS VEGAS— Mandalay Resort Group reported that for third quarter ended October 31, it expects to report $0.50 per share on an operating basis against $0.32 in the year-ago period, a record for a third quarter. Last years quarter was impaired by a travel decline following the events of 9/11, according to the company. The win percentage on table games was higher than normal at Mandalay Bay in last years quarter, while it was sub-par this past October, essentially during the last week, negatively affecting results by $0.02 in the quarter. The company noted that its RevPAR comparisons at its five resorts on the Las Vegas Strip were even with the quarter last year, although trailing the third quarter of the 2000 calendar year (when the companys earnings were $0.38 per share). Also, in this years quarter the company bore the full impact of a substantially higher tax rate on casino revenues at its 50% owned gaming vessel, the Grand Victoria in Elgin, IL. During third quarter, Mandalay also repurchased three million shares of its common stock in the open market and intends to actively continue its program to reduce its outstanding float by an additional 4.7 million shares. Mandalay will release its results for the third quarter on Dec. 5.
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