Mirage Profit Falls, but Shares Rise

Mirage Resorts Inc., the third-largest U.S. casino company, said its fourth-quarter profit from operations fell 24% to $37.4 million, or 20 cents a share, as competition in Las Vegas held down gambling winnings and hotel room prices at its resorts. Mirage was expected to earn 22 cents, the average estimate of analysts polled by First Call Corp. Mirage shares rose, though, as the profit decline was overshadowed by a strong start for the company’s new Bellagio resort and higher-than-expected tourism to Las Vegas in recent months. Mirage shares rose $1.94 to close at $20.69 on the NYSE.