Key facts
- MGM Resorts reported second-quarter revenue of $4.45 billion, exceeding analysts' average estimate of $4.42 billion.
- Sales in Las Vegas Strip resorts increased by 3% to $2.2 billion.
- The company's regional segment sales decreased by 4% to $924 million.
- Adjusted earnings per share were 59 cents, surpassing the estimated 57 cents.
MGM Resorts International surpassed analyst expectations for second-quarter revenue, driven by a notable increase in its Las Vegas operations. The company reported total revenue of $4.45 billion, up from $4.40 billion in the same period last year and exceeding the consensus estimate of $4.42 billion. Sales from its Las Vegas Strip resorts grew by 3% to $2.2 billion, marking the first top-line growth in six quarters for the segment. CEO Bill Hornbuckle highlighted the strength of Las Vegas and noted the company's focus on attracting business events, with Google and Cisco scheduled to host events over the summer. However, the company's regional segment, which includes properties in Detroit and Atlantic City, experienced a 4% decline in sales, totaling $924 million. MGM Resorts also reported adjusted earnings per share of 59 cents, surpassing the analyst estimate of 57 cents.