Shares of MGM Resorts International MGM rose after hours on Monday after the casino resort operator reported first-quarter results that beat expectations, helped by gains in hotels and casinos on the Las Vegas Strip and a bigger rebound in China. MGM reported first-quarter net income of $479.9 million, or $1.24 a share, contrasting with a loss of $34.8 million, or six cents a share, in the same quarter last year. Revenue rose 36% to $3.87 billion, compared with $2.85 billion in the prior-year quarter, helped by last year’s acquisition of the Cosmopolitan of Las Vegas hotel. Adjusted for the impacts of property transactions, income tax and other items, MGM earned 44 cents a share, compared with one cent a year earlier. Analysts polled by FactSet expected adjusted earnings per share of six cents, on revenue of $3.61 billion. The results follow a rebound in tourism, following pandemic restrictions and reluctance to travel in 2020 and 2021, and the reopening of China’s economy. Las Vegas strip casino revenue rose 5%, while hotel room revenue jumped 55%. Casino revenue in China rose 140%. Shares rose 2.2% after hours.
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