China rebound, Las Vegas Strip hotels boost MGM results, stock

Market Watch
 
Wild Casino

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,...