MGM Mirage, Harrah's release Q1 earnings

LAS VEGAS -- MGM Mirage, which owns and/or operates six Las Vegas properties, earned $82 million in the first quarter compared with $85.2 million in first quarter 2001.

MGM Mirage rebounded from a rough fourth quarter, when the industry was hit hard by Sept. 11.

Net revenue during first quarter 2002 was $1.02 billion.

Meanwhile, gaming company Harrah's Entertainment posted a net loss of $6 million compared with year-earlier net income of $44.1 million.

The quarter reflected new accounting rules that included a $94 million charge related to its purchase of the Rio Hotel and Casino in Las Vegas in 1999.

Revenue for the quarter increased 13%, to $983.7 million.

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