: MGM Resorts results beat expectations, but stock falls

Casino and resort operator MGM Resorts International MGM on Wednesday reported second-quarter results that beat expectations, helped by the lifting of pandemic restrictions in global gaming hub Macau, but shares fell after hours. MGM reported net income of $243.5 million, or 55 cents a share, compared with $1.6 billion, or $4.20 a share, in the same quarter last year. The drop in net income came after a big gain a year earlier related to the sale of subsidiary MGM Growth Properties. Revenue rose to $3.94 billion, compared with $3.26 billion in the prior-year quarter, driven largely by the re-opening of Macau. Adjusted for gains on debt and equity and taxes, MGM earned 59 cents a share. Analysts polled by FactSet expected adjusted earnings per share of 56 cents, on revenue of $3.82 billion. Shares fell 5.6% after hours on Wednesday. Chief Executive Bill Hornbuckle said in a statement: “Looking forward to the rest of 2023 and beyond, we are encouraged by the pacing of both Formula 1 and the Super Bowl and the announced relocation of the A’s, which will further solidify Las Vegas as the sports and entertainment capital of the world.”

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