Casino operator MGM Resorts International (MGM), Thursday posted a profit in the first quarter from a loss last year, as revenues grew driven by improved results from Las Vegas and Macau. Shares of MGM Resorts gained a near seven percent following the news.
Commenting on the results, Chief Executive Jim Murren said, "Our first quarter 2013 results are the best we have reported since the beginning of the downturn five years ago, led by improved results at our Las Vegas Strip resorts, a record first quarter at MGM China and an all-time record at CityCenter."
MGM Resorts reported a first-quarter profit of $6.55 million or $0.01 per share, compared to a loss of $217.25 million or $0.44 per share last year.
Analysts polled by Thomson Reuters expected a loss of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew 3 percent to $2.35 billion from $2.29 billion last year. Twenty-Two analysts had a consensus revenue estimate of $2.34 billion for the quarter.
Casino revenues related to wholly owned domestic resorts increased 3 percent, while rooms revenue increased 2 percent.
At MGM China, revenues for the quarter rose 6 percent from last year, as main floor table games and slots win increased 26 and 19 percent, respectively.
Total expenses dropped to $2.07 billion from $2.08 billion last year.
MGM shares are currently trading at $14.75, up $0.95 or 6.85%, on the NYSE.
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