CHICAGO, Feb 21 (Reuters) - MGM Mirage Inc, the world's second-largest casino operator, posted higher quarterly profit on Thursday, boosted by a gain of $1 billion from an investment in the CityCenter project by Dubai World.
MGM, which operates resorts including the Bellagio, Mandalay Bay and Circus Circus in Las Vegas, had fourth-quarter net income of $872 million, or $2.85 per share, compared with $201.6 million, or 69 cents per share, a year earlier.
Excluding the CityCenter gain of $2.23 per share and other one-time items, MGM earned 41 cents a share. On that basis, analysts' average forecast was 44 cents, according to Reuters Estimates.
The company said earlier this month that it expected earnings from continuing operations of 60 cents to 65 cents a share.
Revenue rose more than 4 percent to $1.93 billion. Analysts had expected $1.90 billion.
MGM is developing a number of casinos, including the massive CityCenter project in Las Vegas and a $5 billion casino in Atlantic City, New Jersey. Last year it opened the MGM Grand Detroit and its first property in Macau, China's gambling haven.
In August, MGM agreed to sell half of the CityCenter development of hotels, condos and retail outlets to state-owned investment firm Dubai World, which also plans to acquire a stake of up to 20 percent in MGM itself. (Reporting by Christopher Kaufman and Nick Carey, editing by Dave Zimmerman and John Wallace)
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