MGM Resorts 2nd-Quarter Adjusted Loss Narrows

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(credit: CBS)

(credit: CBS)

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.

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