MGM Resorts International has reported a quarterly profit ahead of analysts’ estimates, as the company drew more gamblers in Nevada and its shares rose.
Excluding items, profit was four cents per share, the Las Vegas-based company said in a statement. Analysts on average projected a profit of one cent, according to Bloomberg data.
Sales climbed 6.8 per cent to $2.5bn, compared to the average analyst projection of $2.42bn. While Las Vegas casinos have struggled to return to pre-recession growth as consumer spending has remained weak, MGM Resorts reported gains in its operations there during the quarter. Strip earnings before interest, taxes, depreciation and amortisation rose 15 per cent, as casino revenue climbed seven per cent and hotel sales added five per cent.
“We continue to see broad-based Las Vegas improvement,” CEO Jim Murren said.
