Casino giant MGM Mirage Inc. said Tuesday its first-quarter profit fell 30 percent, weighed down by resort opening costs and the Monte Carlo's temporary closure after a fire that resulted in 17 minor injuries.

The Las Vegas-based company said earnings dropped to $118.3 million, or 40 cents per share, compared with $168.2 million, or 57 cents per share, in the same quarter a year ago.

Revenues for the world's second-largest casino company slipped 3 percent, to $1.88 billion from $1.93 billion, and fell short of expectations of analysts surveyed by Thomson Financial. They forecast net income of 43 cents per share on revenue of $1.9 billion.

MGM Mirage owns several Las Vegas Strip resorts including the Bellagio, Mirage and Mandalay Bay, and opened a joint venture, the MGM Grand Macau, in December in the Chinese gambling enclave. The report on earnings for the quarter ending March 31 was released before the market opened Tuesday. MGM Mirage stock was trading at $50.45, up $1.83 in premarket trading after closing Monday at $48.62.

The results were partially hurt by a Jan. 25 fire at MGM's Monte Carlo property. The three-alarm fire forced thousands to evacuate and damaged the facade of the 32-story building. The resort did not reopen until mid-February.

Monte Carlo profits were down $20 million, at $14 million compared with $34 million in the same quarter of 2007. The company said one in five rooms and suites remained out of service at the end of the quarter.

Company chief executive Terry Lanni said in a statement that the company's resorts were still attracting wealthy customers and generating cash despite a weak economy.

In April, MGM Mirage laid off more than 400 middle-level corporate and property managers. Company officials said at the time that no further cuts were planned unless the economy worsened. The company is constructing an $8.1 billion multi-casino and hotel complex on the Las Vegas Strip in late 2009. The CityCenter project — which is expected to include six high-rise towers and 6,300 rooms is — a partnership with Dubai's government investment fund, Dubai World.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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