KXNT_35x90 cbssports1140-horizontal-small

News

MGM Resorts 2nd-Quarter Adjusted Loss Narrows

View Comments
(credit: CBS)

(credit: CBS)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

NEW YORK (AP) — Casino operator MGM Resorts International says its adjusted net loss was
less than analyst expected as both gambling and hotel room revenue increased.

Net income totaled $3.44 billion, or $6.22 per share. That compares to a net loss of $883.5 million, or $2 per share last year.

Excluding a gain of $3.5 billion related to acquiring a controlling interest in  MGM China Holdings Ltd., net loss totaled 8 cents per share. Analysts expected 14 cents per share, according to FactSet.

Revenue rose nearly 17 percent to $1.81 billion from $1.55 billion last year. That beat analysts’ expectations of $1.58 billion.

Billionaire Kirk Kerkorian is a major investor in MGM Resorts International, which is based in Las Vegas.

Copyright 2011 The Associated Press.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,039 other followers