Analyst boosts Mandalay Resort estimates

Mandalay Resort Group's stock price rose today after gaming analyst Harry Curtis raised his earnings estimates for the Las Vegas-based company.

Mandalay stock rose 81.25 cents a share, to $19.50, in late-morning trading after Curtis boosted his per-share earnings estimates to $1.32 from $1.25 and $1.65 from $1.50 for fiscal 2000 and 2001.

The BancBoston Robertson Stephens analyst reiterated his buy rating and called Mandalay stock "the most attractive valuation in the large-cap gaming universe."

He said the stock could trade at $28 to $32 a share, up more than 50 percent from its current level, in part due to strong results at Mandalay's Elgin, Ill., riverboat operation.

Curtis also boosted his cash-flow projection to $110 million for the Detroit casino Mandalay will open in a partnership with the Atwater Group, based on results from the MGM Grand Inc. temporary casino now in operation there.

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