Mandalay Perks Up on Vegas Outlook

Shares of Mandalay Resort Group ( MBG) were up about 3% after the company said revenue per available room in its five Las Vegas strip properties will rise in August.

Recently, shares were up 92 cents to $29.33 on the New York Stock Exchange.

The shares fell Tuesday after the company said its fourth-quarter earnings were flat with last year's. The company owns the Luxor and Mandalay Bay properties in Las Vegas, among 9 others, and said a tax increase lowered the quarter's results to just under those of a year ago.

The company earned $29.3 million, or 41 cents a share, compared with $30.5 million, or 40 cents a share, a year ago. On an operating basis, Mandalay earned 51 cents a share, a penny below analyst estimates of 52 cents. The operating figure excludes nonrecurring items and is before taxes, the company said.

Revenue was $625.8 million, compared with $644.2 million last year.

A gaming tax hike imposed by Illinois legislators on the company's Illinois-based riverboat casino, Grand Victoria, of which it owns 50%, was enough to bring its total quarterly earnings down by 2 cents, enough to miss the Wall Street analyst consensus.

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