Tax Bonus for MGM Mirage
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.