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LAS VEGAS - MGM Resorts International (NYSE:MGM) reported better-than-expected first quarter earnings on Tuesday, sending shares up 2.6% in after-hours trading.
The casino and hospitality giant posted adjusted earnings per share of $0.69, surpassing analyst estimates of $0.49. Revenue came in at $4.28 billion, slightly below the consensus forecast of $4.29 billion but down just 2% from $4.38 billion in the same quarter last year.
"MGM Resorts achieved strong first quarter results across our portfolio in the face of the well anticipated comparison to last year’s Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture," said Bill Hornbuckle, CEO of MGM Resorts.
The company’s Las Vegas Strip properties saw revenue decline 3% YoY to $2.2 billion, while Regional Operations revenue dipped 1% to $900 million. MGM China (OTC:MCHVY) revenue fell 3% to $1.0 billion.
MGM reported record first quarter Las Vegas Strip occupancy of 94% and slot win up 7% YoY. The company’s BetMGM joint venture also delivered significant revenue growth and turned to positive EBITDA in Q1.
During the quarter, MGM repurchased 15 million shares for $494 million. The company’s board authorized a new $2 billion share repurchase program.
"We continue to see significant value in our shares at current levels," said Jonathan Halkyard, CFO of MGM Resorts.
MGM maintained a positive outlook, noting solid forward bookings and expectations for April to be a record hotel month for its Las Vegas Strip operations.
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