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MGM Resorts Gains Financial Ground

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(Photo by Bruce Bennett/Getty Images)

(Photo by Bruce Bennett/Getty Images)

tate south Tate South
Email Tate at tate.south@cbsradio.com
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LAS VEGAS (AP) — MGM Resorts International’s second-quarter loss narrowed as revenue improved thanks to increased consumer spending.

Its adjusted results and revenue topped analysts’ estimates. The stock rose 4 percent in premarket trading.

The casino operator lost $93 million, or 19 cents per share, for the period ended June 30. That compares with a loss of $145.5 million, or 30 cents per share, a year ago.

Excluding charges of 23 cents per share in the latest quarter, it earned 4 cents per share.

Analysts predicted adjusted earnings of a penny per share.

Revenue for the Las Vegas company rose 7 percent to $2.48 billion from $2.32 billion, as people spent more on gambling, lodging, food and drinks. Wall Street expected $2.42 billion.

MGM Resorts said Tuesday that the Las Vegas Strip’s performance continues to improve.

Copyright 2013 The Associated Press.

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