May 19, 2001 12:50 AM

Mandalay Resort Group posted strong results for the first fiscal quarter ended April 30, as diluted earnings per share improved 3 cents to 61 cents, beating Wall Street's consensus estimate by a penny.

Net income company-wide was down slightly, compared with the same period last year, from $48.8 million to $47.3 million, despite a $35 million jump in revenues and an increase in cash flow from $192.2 million to $195.2 million.

The company's marquee resorts on the Las Vegas Strip finished solidly for the most part, thanks to robust demand, which drove the average room rate up $9. Operating cash flow at Mandalay Bay rose from $30.5 million to $37 million. The Luxor's cash flow rose from $35.7 million to $38.3 million. Cash flow at Circus Circus was up from $20 million to $21.1 million. Cash flow at Excalibur and Monte Carlo (50 percent owned by Mandalay) were essentially flat with last year at $28.2 million and $27.8 million, respectively.

Overall, income from operations improved from $130.9 million to $138.1 million.

The Midwest was another highlight. The Grand Victoria in Elgin, Ill., (50 percent owned by Mandalay) posted a $500,000 increase in cash flow. The MotorCity Casino in Detroit (53.5 percent owned by Mandalay) improved from $20 million in cash flow for the first quarter of 2000 to $26.7 million.

Those markets most affected by the spread of Indian gaming in California suffered decreases. In Reno, Nev., cash flow was down from $13.4 million to $12.2 million. The Colorado Belle and Edgewater casinos in Laughlin, Nev., generated $9 million in cash flow, down from $12.4 million.