MGM Resorts International (NYSE:MGM) reported its second-quarter financial results Wednesday. Here's a look at the details from the report.
The Details: MGM Resorts reported quarterly earnings of 86 cents per share, which beat the analyst consensus estimate of 62 cents by 38.71%.
Quarterly sales clocked in at $4.3 billion, which beat the analyst consensus estimate of $4.22 billion and represents a 9.08% increase from the same period last year.
Las Vegas strip resorts net revenues were $2.2 billion, an increase of 3% year-over-year, due primarily to an increase in rooms revenue, driven by an increase in ADR, and an increase in catering and banquets revenue.
China MGM net revenues were $1 billion in the current quarter, an increase of 37% year-over-year. The current quarter was positively affected by the continued ramp-up of operations after the removal of COVID-19-related travel and entry restrictions in the first quarter of 2023. Regional operations net revenues were $927 million in the current quarter and flat compared to the prior-year quarter.
"MGM Resorts continued to drive positive financial results and solid growth in the second quarter, with record MGM China Adjusted Property EBITDAR and further growth in Las Vegas where our Marriott relationship continues to exceed expectations and our meetings and convention business continues to strengthen thanks to our recently completed remodel of Mandalay Bay," said Bill Hornbuckle, CEO of MGM Resorts International.
MGM Price Action: According to Benzinga Pro, MGM Resorts International shares are down 4% after-hours at $41.25 at the time of publication Wednesday.