Updated from 9:21 a.m. EDT
MGM Mirage's (MGG Quote) big earnings beat Tuesday sparked a rally in casino stocks as investors found still more evidence that the gambling boom is far from over.
The Las Vegas company, which expects to become the world's second biggest casino operator with its pending merger of Mandalay Resort Group (MBG Quote), reported first-quarter net income of $111.1 million, or 75 cents a share, up 4.9% from $105.8 million, or 72 cents a share, a year before. MGM Mirage attributed the growth to higher room rates and robust gambling volume.
Adjusted earnings, which is what Wall Street uses to gauge the company, totaled 87 cents a share, up from 70 cents a share a year before and smashing the 75-cent analyst consensus from Thomson First Call. Adjusted earnings exclude discontinued operations, start-up expenses, restructuring costs, property transactions and losses from early debt retirement. ...
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