MGM Resorts Posts Higher 2Q Profit and Revenue Driven by Las Vegas

Dow Jones07-30

MGM Resorts International reported a higher profit and growing revenue noting strength in its Las Vegas Strip Resorts.

The hotel and casino company on Wednesday reported a profit of $292.4 million, or $1.11 a share. That compares with a profit of $49 million, or 18 cents a share, a year earlier.

Stripping out certain one-time items, MGM reported adjusted earnings of 59 cents a share. Analysts polled by FactSet were expecting 56 cents a share.

Revenue ticked up 1% to $4.45 billion. Analysts were anticipating $4.42 billion in revenue, according to FactSet.

Revenue from MGM's resorts on the Las Vegas Strip rose 3% to $2.2 billion, the company said. MGM China revenue was roughly flat at $1.1 billion.

MGM Digital revenue surged 20% to $196 million, while revenue from regional operations fell 4% to $924 million.

MGM has held negotiations with billionaire Barry Diller and his company People Inc., who on June 1 offered to buy the company for $48.30 a share at a total valuation of around $12.4 billion, The Wall Street Journal reported earlier this month.

The company hasn't publicly addressed the deal talks, but privately believes Diller's offer undervalued its business, according to The Journal.

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