Casino Operator MGM Surpasses Second-Quarter Estimates Fueled by Macau Business Recovery, Reports Reuters

MGM Resorts International has surpassed Wall Street’s expectations for the second quarter, reporting significant gains driven by a robust recovery in Macau following the lifting of pandemic-related restrictions last year.

The company’s shares rose 1.5% during after-hours trading. Casino operators, including MGM and Wynn, have experienced an uptick in visitors at their Macau gaming facilities, fueled by a revival in travel and tourism expenditure in China, which is the world’s second-largest economy.

MGM China reported quarterly revenue of $891 million, marking a 33% increase compared to the previous year. Overall, MGM’s total revenue for the quarter ending in June increased by 9.7%, reaching $4.33 billion, exceeding analysts’ average forecast of $4.22 billion.

Additionally, the Nevada-based company’s adjusted profit per share for the quarter was 86 cents, surpassing Wall Street predictions of 62 cents.