CORRECTED - UPDATE 1-MGM Mirage expects lower 4th-qtr adjusted profit

(Removes 3rd paragraph, incorrect details on Wall Street estimates)

LOS ANGELES, Feb 7 (Reuters) - MGM Mirage (MGM.N: Quote, Profile, Research) on Thursday forecast lower fourth-quarter profit from continuing operations, and said January 2008 earnings will also drop due to slower hotel business on the Las Vegas Strip.

MGM, the world's second-largest casino operator, projected fourth-quarter profit from continuing operations of 60 cents to 65 cents a share, down from 68 cents a share a year earlier, due largely to costs from opening new resorts.

MGM cited higher opening expenses -- about 11 cents a share -- from new resorts in Detroit and Macau, the Chinese gambling haven.

The company said its estimate excludes an expected gain of $1 billion, before taxes, from a contribution of the CityCenter project to a jointly owned venture between MGM and Dubai World.

Including the gain, the company expects a profit of $2.70 to $2.90 a share for the fourth quarter.

Chief Financial Officer Dan D'Arrigo said that during the fourth quarter the company "experienced solid volumes in high-end gaming play" as well as higher hotel revenue at its Las Vegas Strip resorts.

But he also warned that MGM's estimated earnings for the month of January 2008 are "a few cents per share below those achieved in the month of January 2007, with estimated Las Vegas Strip hotel revenue a few percent lower than seen in January 2007.

MGM said construction costs for the multiuse CityCenter project will increase by $300 million to $600 million from its previous estimate of $7.8 billion.

Shares of MGM rose 3 percent to close at $71.81 before the earnings projection was announced, and were halted after hours. (Reporting by Deena Beasley; editing by Jeffrey Benkoe)