MGM Resorts Gains Financial Ground
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.