MGM MIRAGE Inc.

Jul 30, 2002 6:50 AM

Showing a strong recovery from the 9/11 terrorists attacks, MGM MIRAGE Inc. (MGG) beat the street estimates when it reported record second quarter diluted per share earnings of $0,56 a share.

The company said it had net revenue of $1.03 billion and EBITDA (earnings before interest, taxes, depreciation and amortization) of $325 million.

In accomplishments during the reporting period, the company said it had reduced debt by $153 million; repurchased one million shares of company common stock; completed the sale of its South African interests, resulting in the receipt of $11.4 million for the early buyout of its management contract, and launched its new Players Club affinity program at The Mirage and at Treasure Island.

Terry Lanni, chairman and CEO, said the second quarter results "again exhibited remarkable resiliency against the backdrop of an uncertain economy."