MGM Posts Loss As Revenue Surges
NEW YORK (AP) — MGM Resorts International says its second-quarter loss was double what Wall Street was expecting, but revenue surged 29% on gambling and hotel room gains.
Shares rose more than 3% before the opening bell.
The Las Vegas company, which runs the MGM Grand, Bellagio, Mandalay Bay and other properties, says it lost $145.5 million, or 30 cents per share, compared with a year-ago profit of $3.44 billion, or $6.22 per share.
Last year’s second quarter included a $6.30 per share gain on consolidation of MGM China. That unit runs a casino in Macau. It went public in Hong Kong last June.
Revenue rose to $2.32 billion from $1.81 billion last year.
FactSet says analysts forecast a loss of 15 cents with revenue of $2.35 billion.
Copyright 2012 The Associated Press.