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Quite a Quarter for Mirage Resorts23 February 1999The fourth fiscal quarter of 1998 was dynamic, to say the least, for Mirage Resorts. Its newest Las Vegas property, Bellagio, achieved in only 77 days what is believed to be the highest quarterly revenues of any resort in Nevada history, yet the company reported an overall loss due the expenses involved in opening the luxurious new resort. Mirage Chairman Stephen Wynn summed it up by calling it a "complicated quarter, with the opening of Bellagio being overlayed on a series of non-recurring items," but also emphasized that "it was also a quarter of tremendous achievement." After opening in October, the Bellagio generated nearly $250 million of revenue for the quarter, which propelled a record setting jump from $377.3 million a year ago to $572.6 million this year. Still, pre-opening costs, which totaled about $88 million, plus the $2.1 million refurbishment of the company's Treasure Island resort and the $2.6 million invested in the planned monorail connecting Bellagio and The Mirage, contributed to any overall loss for the company. It reported a net loss of $20.1 million (11 cents per share), compared to a profit of $49.3 million (26 cents per share) in 1997. Excluding the Bellagio opening costs, the company posted a profit of 20 cents per share. |