Casino Operator MGM beats second-quarter estimates on recovery in Macau business

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 9/30/2026

1. SPY
2. BA
3. CRWV
4. DASH
5. CCL
6. MU
7. MDB
8. AMZN
9. GOOGL
10. KMX

July 31, 2024 4:53 PM EDT

FILE PHOTO: An exterior view of Park MGM Hotel and Casino in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo

(Reuters) - MGM Resorts International beat Wall Street's second-quarter estimates on Wednesday, thanks to a strong recovery in Macau following the easing of pandemic-related restrictions last year.

Shares of the company were up 1.5% in extended trading.

Casino operators such as MGM and Wynn have seen increased traffic at their Macau gaming hubs, driven by a resurgence in travel and tourism spending in China, the world's second-largest economy.

Quarterly revenue at MGM China came in at $891 million, up 33% compared to last year.

MGM's total revenue rose 9.7% to $4.33 billion in the quarter through June, beating analysts' average estimate of $4.22 billion, according to LSEG data.

The Nevada-headquartered company's quarterly adjusted profit per share of 86 cents also came ahead of Wall Street expectations of 62 cents.

(Reporting by Anandita Mehrotra and Aishwarya Jain in Bengaluru; Editing by Tasim Zahid)


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Reuters