To all:
The CFO of Mirage was interviewed on CNBC's Sqawk Box this morning 3/11/97. The gentleman's name escapes me right now, but he stated that by the year end of 1998, MIR will more than double their revenues due to the additions of Beau Rivage & Bellagio. This will accelerate even more by 2001, when Atlantic City resort becomes accretive.
When asked if Mirage is taking delight over the ITT/Hilton situation, he downplayed MIR's interest in the developments. He explained that ITT is "shopping" around for the best buyer to snatch up their Caesar's (Sheraton) hotel and gaming business. He suggested that it doesn't matter much to MIR what Hilton ultimately does, because
"....We (i.e., Mirage) are 'builders' rather than acquirers."
It was a very good point, and something that I've said in this very forum in past positngs. Mirage chooses to build newer, grander, and better resorts that they could by means of mergers and acquisitions with other companies. Oh, yeah, and the CFO also mentioned that Mirage has the ability to borrow cash at 5.6% Wow!
Finally, in Mark Haines' opening remarks it was mentioned that Mirage ranked #2 in Fortune Magazine's "Best Run Companies in America" issue.
Patience, my friends, and we will see the rewards. |
