MGM Resorts 2nd-Quarter Adjusted Loss Narrows
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.