Resort and casino stocks are posting substantial gains Tuesday morning. The positive sentiment comes after the release of quarterly earnings from Lodigan, Inc. (LGN) and MGM Mirage (MGM).
Lodigan stock led the sector higher, up about 11%, while Las Vegas Sands Corp. (LVS) and Intercontinental Hotels Group Plc. (IHG) were both up over 7%.
Meanwhile, Boyd Gaming Corp. (BYD), MGM Mirage (MGM), Great Wolf Resorts Inc. (WOLF) and Wynn Resorts Ltd. (WYNN) also posted significant gains.
Before the opening bell on Tuesday, Lodgian reported second-quarter net income attributable to common stock of $6.37 million or $0.29 per share, compared to net loss attributable to common stock of $263 thousand or $0.01 per share last year.
Income from continuing operations was $284 thousand, higher than $142 thousand in the same quarter a year ago.
Quarterly total revenue grew to $66.9 million from $66.68 million in the comparable period a year ago.
In early May, Lodgian, reported first-quarter net loss attributable to common stock of $7.52 million or $0.33 per share, compared to net loss attributable to common stock of $157 thousand or $0.01 per share last year.
On average, two analysts polled by First Call/Thomson Financial expected the company to report loss of $0.02 per share.
Quarterly revenues grew to $56 million from $54.79 million a year ago. Two analysts had a consensus revenue estimate of $62.06 million.
Also ahead of Tuesday's morning bell, MGM reported that its second-quarter net income decreased to $113.10 million, or $0.40 per share, from $360.17 million, or $1.22 per share, in the prior year quarter.
The 2008 quarter includes $19 million of insurance recovery income related to the Monte Carlo fire.
The year-ago results include $264 million of pre-tax gains from the sale of the Primm Valley Resorts and Laughlin Properties. The 2007 quarter results also include $63 million of residential sales at The Signature at MGM Grand.
Income from continuing operations was $113.10 million, or $0.40 per share, down from $182.90 million, or $0.62 per share, in the year-ago quarter.
Net revenue declined to $1.90 billion from $1.94 billion in the same quarter last year.
Analysts, on average, polled by First Call/Thomson Financial expected earnings of $0.42 per share on revenues of $1.89 billion.
The company said that guests continued to visit its resorts in high numbers, but at lower room rates, and current economic conditions led to lower visitor spending.
By 10:55 am Eastern Time, shares of Lodgian were up 65 cents at $7.69 a share, while Las Vegas Sands stock was up $3.06 at 47.53 and shares of Intercontinental Hotels were up $1.01 at $14.20.
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