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Macau and Las Vegas Drive Strong Q1 Earnings for MGM Resorts

Apr 29, 2014 9:20 am

Skift Take

The pickup in Las Vegas is a relief and helps balance out MGM’s growing reliance on Asia.

— Jason Clampet

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MGM Resorts International‘s first-quarter net income soared, bolstered by continued strength in Macau and improved room bookings on the Las Vegas Strip.

For the period ended March 31, the casino operator earned $108.2 million, or 21 cents per share. A year earlier it earned $6.5 million, or 1 cent per share.

The current quarter included a $3.5 million income tax benefit. The prior-year period reflected a $30.4 million income tax provision.

Analysts predicted earnings of 8 cents per share for the Las Vegas company.

Revenue climbed 12 percent to $2.63 billion from $2.35 billion, topping Wall Street’s $2.57 billion.

MGM Chart

MGM data by YCharts

Occupancy improved on the Las Vegas Strip and room rates increased.

MGM China’s revenue rose 26 percent.

MGM Resorts stock rose 72 cents, or 3.1 percent, to $23.74 in premarket trading an hour before the market opening.

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