|Mandalay Resort Group has announced its estimated earnings for the third quarter ended October 31, 2001. The earnings should be between an estimated $.32 and $.34, compared to $.38 on the same basis last year. The company had previously stated that the events of September 11 would cause earnings per share to be significantly lower than the prior year’s third quarter.|
The company’s operating cash flow (EBITDA) on the Las Vegas Strip were lower than results from a year ago by approximately 10% in the quarter. The overall operating cash flow was also lower. Both earnings and operating cash flow for the company would have would have compared favourably to last year’s quarter had the events of September 11 not occurred. The terrorist attacks in New York heavily affected the travel industry, which in turn affected the gaming industry.
Mandalay Resort Group is expected to release results for the third quarter, and conduct a conference call via telephone and web cast on November 20, at 1:30p.m. Pacific time.
Mandalay Resort Group owns and operates 11 properties in Nevada. These are: Mandalay Bay, Luxor, Excalibur, Circus Circus, and Slots-a-Fun in Las Vegas; Circus Circus-Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and Nevada Landing in Jean and Railroad Pass in Henderson.