July 31 (Reuters) –
MGM Resorts International beat Wall Street’s second-quarter estimates on Wednesday, thanks to a strong recovery in Macau following the easing of pandemic-related restrictions last year.
Shares of the company were up 1.5% in extended trading.
Casino operators such as MGM and Wynn have seen increased traffic at their Macau gaming hubs, driven by a resurgence in travel Speed and Cash tourism spending in China, the world’s second-largest economy.
Quarterly revenue at MGM China came in at $891 million, up 33% compared to last year.
MGM’s total revenue rose 9.7% to $4.33 billion in the quarter through June, beating analysts’ average estimate of $4.22 billion, according to LSEG data.
The Nevada-headquartered company’s quarterly adjusted profit per share of 86 cents also came ahead of Wall Street expectations of 62 cents. (Reporting by Anandita Mehrotra and Aishwarya Jain in Bengaluru; Editing by Tasim Zahid)
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