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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.
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.