Bellagio helps boost company first-quarter earnings

Earnings per share for the first quarter were 28 cents, up from 22 cents a share for the first quarter of 1998.

Bellagio opened Oct. 15, 1998 and generated $282 million in total revenues for the first quarter of 1999. The figure represents the highest quarterly revenues of any casino in Nevada history, the company reported. Non-casino revenues were $145 million for the quarter, also believed by the company to be the highest such revenues for any resort in history.

According to the latest statistics available from the Nevada State Gaming Control Board, gaming revenues on the Las Vegas Strip increased 21 percent in the first two months of the quarter. Mirage said its casinos located on the Las Vegas Strip accounted for 58 percent of that growth.

On an overall basis, the company's gaming revenues increased by 64 percent in the first quarter while its gross non-casino revenues increased 82 percent.

Occupancy of standard guestrooms was 98.1 percent. The average rate for standard guestrooms increased from $89 to $110, with Bellagio's higher room rates accounting for most of the increase.

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