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Tyson fight bites into MGM earnings
LAS VEGAS (AP) -- Mike Tyson's bite of Evander Holyfield's ears also bit into MGM Grand Inc.'s potential earnings for the latest quarter.The casino company said Thursday it had record earnings for the quarter ending June 30, but would have done even better if it weren't for the way the heavyweight title fight ended.
"God knows what the additional revenue and profits would have been if things had gone more normally," said Alex Yemenidjian, president of the MGM.
Yemenidjian said more than half of the company's $11 million increase in casino expenses was attributable to the June 28 title fight, which ended in a third round disqualification of Tyson for biting.
The MGM Grand hotel's casino was closed for a few hours after the fight, when casino patrons were panicked by what they thought were gunshots.
Still, Yemenidjian said baccarat drop, a sign of high roller activity, was up 44 percent in the most recent quarter, which saw the hotel company make record profits.
MGM said net income jumped to $33 million, up from $20.6 million a year earlier. Revenue rose to $200.4 million from $189.5 million the same quarter a year ago.
The company was helped by the success of the New York-New York hotel-casino, of which MGM Grand is a 50 percent owner. New York-New York contributed $12.2 million to the company's pretax income for the quarter.
MGM recently announced a $700 million expansion on the 5,005-room resort. The expansion will add a Marriott Marquis hotel along with a new conference center and pool and spa complex.