MGM Resorts Beats Wall Street Estimates for First-Quarter Revenue

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MGM Resorts Beats Wall Street Estimates for First-Quarter Revenue

Reuters2023-05-02

(Reuters) -MGM Resorts International on Monday beat Wall Street estimates for first-quarter revenue due to an increase in traffic and business volumes in Macau and Las Vegas.

Shares of the company slid 0.85% in trading after the bell.

Casino operators are benefiting from the rebound in traffic in gaming hubs as travel and tourism spending from China rebounds.

"MGM Resorts is executing across all of its geographies and channels with record first quarter Las Vegas Strip Adjusted Property EBITDAR, consistently strong Regional Operations profit, MGM China's swift return to profitability," said MGM Resorts CEO Bill Hornbuckle in a press release.

The Las Vegas-based casino operator posted an adjusted first-quarter gain of 44 cents per share, beating analysts' expectations for a gain of 1 cent a share.

The casino operator's revenue rose to $3.9 billion in the first quarter from $2.9 billion a year ago and surpassed analysts' average estimate of $3.6 billion.

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