Tax Bonus for MGM Mirage

The gaming company restates earnings because of a tax refund for the Borgata casino.
By Ross Snel ,

MGM Mirage

( MGG) Friday restated fourth-quarter earnings, sayting they were higher than previously reported because of a tax refund at the Borgata casino in Atlantic City, N.J.

The casino company said restated net income was $74.9 million, or 52 cents a share, vs. an originally reported $67.9 million, or 47 cents a share.

In a filing with the

Securities and Exchange Commission

, MGM said the Borgata, in which it owns a 50% stake, received a refund notice regarding certain state tax credits and recorded a fourth-quarter benefit for amounts earned in 2003 and 2004. MGM Mirage's share of the adjustment is $11.5 million on a pretax basis.

The Borgata didn't receive the notice until after MGM Mirage reported its fourth-quarter results. The adjustment doesn't affect the company's operating income or revenue.

Boyd Gaming

(BYD) - Get Report

, the other Borgata stakeholder, restated earnings Thursday.

In premarket trading, MGM Mirage shares were up 32 cents, or 0.5%, at $72.01.

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