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