: MGM Resorts results beat expectations, but stock falls


Casino and resort operator MGM Resorts International MGM, -1.54% on Wednesday reported second-quarter results that beat expectations, helped by the lifting of pandemic restrictions in global gaming hub Macau, but shares fell after hours. MGM reported net income of $243.5 million, or 55 cents a share, compared with $1.6 billion, or $4.20 a share, in the same quarter last year. The drop in net income came after a big gain a year earlier related to the sale of subsidiary MGM Growth Properties. Revenue rose to $3.94 billion, compared with $3.26 billion in the prior-year quarter, driven largely by the re-opening of Macau. Adjusted for gains on debt and equity and taxes, MGM earned 59 cents a share. Analysts polled by FactSet expected adjusted earnings per share of 56 cents, on revenue of $3.82 billion. Shares fell 5.6% after hours on Wednesday. Chief Executive Bill Hornbuckle said in a statement: “Looking forward to the rest of 2023 and beyond, we are encouraged by the pacing of both Formula 1 and the Super Bowl and the announced relocation of the A’s, which will further solidify Las Vegas as the sports and entertainment capital of the world.”

This article was originally published by Marketwatch.com. Read the original article here.

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