This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MGM Profit Boosted by China Holdings

MGM Resorts International (MGM - Get Report) reported a profit of $6.22 a share on income of $3.44 billion in the second quarter, propelled by its China operations.

The casino and hotel company reversed a year-ago loss of $883 million, or $2 a share.

The results include a gain of $3.5 billion (or $6.30 per share) from the Las Vegas-based company acquiring a controlling interest in MGM China Holdings.

Excluding the gain from the China acquisition, MGM had an adjusted loss of 8 cents a share, better than the 13-cent loss expected in a survey of analysts by Thomson Reuters.

Net revenue for the second quarter was $1.8 billion, up 17%; net revenue related to MGM China for the period of consolidation (June 3 through June 30) was $193 million.

Net revenue from the domestic resorts segment was $1.5 billion, an increase of 4% year over year. Room revenue increased 9%, with a 10% increase in revpar at the Las Vegas Strip resorts.

TheStreet's Jeanine Poggi interviewed MGM CEO Jim Murren recently, and Murren emphasized that the company saw more opportunites away from casinos.

The prior year's results include a non-cash charge of approximately $1.12 billion (or $1.64 per share, net of tax) relating to an impairment of the company's investment in the CityCenter joint venture in Las Vegas.

This article was written by a staff member of TheStreet.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
MGM $22.08 0.36%
AAPL $132.83 2.00%
FB $82.34 0.99%
GOOG $554.66 -1.80%
TSLA $233.75 7.00%


DOW 18,077.51 -2.63 -0.01%
S&P 500 2,114.27 -3.42 -0.16%
NASDAQ 5,070.4930 -21.5920 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs