MGM Revenue Better Than Projected
LAS VEGAS (AP) — MGM Resorts International reports an unexpected profit in the first quarter, as the casino operator benefited from rooms and gambling tables on the Las Vegas Strip, and the strength of Macau.
Shares rose 5 percent in premarket trading.
MGM earned $6.5 million, or 1 cent per share, in the first three months of the year. That’s compared to a loss of $217.3 million, or 44 cents per share. Analysts had expected a loss of 10 cents per share.
Revenue rose 3 percent to $2.4 billion, but fell short of the average estimate of $2.34 billion.
MGM Resorts operates 15 casinos in Nevada, Mississippi and Michigan, including the Bellagio on the Las Vegas Strip. It also is the majority owner of MGM China Holdings Ltd., which owns the MGM Macau casino-resort.
Copyright 2013 The Associated Press.