Second-quarter revenue rose to $4.45 billion, topping estimates, as 3% sales growth on the Las Vegas Strip and convention demand offset weaker results at regional casinos including Detroit and Atlantic City.
MGM Resorts International reported second-quarter profit of $292.4 million, or $1.11 a share, up from $49 million, or 18 cents a share, a year earlier, as stronger Las Vegas performance lifted results. Revenue rose to $4.45 billion from $4.40 billion, above analysts' average estimate of $4.42 billion compiled by LSEG, while adjusted earnings were 59 cents a share versus estimates of 57 cents. Sales at Las Vegas Strip resorts increased 3% to $2.2 billion, helped by business travel and convention demand, while regional segment sales fell 4% to $924 million.