MGM Mirage

Darden Business Publishing Cases

ISSN: 2474-7890

Publication date: 20 January 2017


A senior analyst has recently completed an on-site visit to the Las Vegas properties of MGM Mirage. She must value the enterprise after her preparation of projected financial statements. Assumptions for these statements come from a combination of standard account relations delineated in the case and from specific company projections that must be gleaned from MGM's MD&A. This case introduces students to pro forma financial statements and their relevance to cash flow and earnings-based valuation. Tools relevant to spreadsheet modeling can also be introduced. The case precedes MGM's announced acquisition of Mandalay Bay Corporation in 2004.



Simko, P. (2017), "MGM Mirage", Darden Business Publishing Cases, Vol. 1 No. 1.

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University of Virginia Darden School Foundation

Copyright © 2004 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved.

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