Company repurchases stock, pays down debt

MGM MIRAGE paid back $410 million in bank debt through the first nine months of 2002 and repurchased 2 million shares stock for $70 million during the same period, the Strip resort operator reported in a Securities and Exchange Commission filing.

The Las Vegas-based company previously announced its intention to lower its debt and buy back shares in a plan to improve its balance sheet and position the company for future growth.

The company also said it purchased an additional 4 million shares for $125 million from Oct. 1 through Tuesday.

For the first nine months of the year, MGM MIRAGE exercised 2.7 million stock options, realizing proceeds of $45 million.

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