NEW YORK (TheStreet) -- MGM Resorts International (MGM) - Get MGM Resorts International (MGM) Report had the "best July" ever for earnings, CEO James Murren said on CNBC's "Power Lunch" Thursday, after the company posted mixed 2016 second quarter results this morning.
MGM reported second quarter earnings of 83 cents per share, beating analysts predictions for earnings of 23 cents per share. The casino resort operator posted revenue of $2.27 billion, below Wall Street estimates of $2.33 billion.
"We had a very good second quarter and we just had the best July as a company we've ever had," Murren stated.
He attributed the success to an influx of both national and international tourism, given the current tumultuous state of the rest of the world.
In addition, Murren believes China's slow market in Macau "bottomed."
"In fact we just finished a very strong July at our Macau property and I think you'll see gradual improvement in the marketplace," he noted.
For MGM, it actually helps when rivaling resorts are positioned next to each other. This allows visitors to "go to both properties fairly easily," Murren commented.
"Wynn (WYNN) and MGM are right next to one another" in Macau and near each other in Las Vegas, "and we really compliment one another very well. The same thing is going to happen in Cotai," Murren estimated.
The Cotai Strip is a new section of Macau.
Meanwhile, a new resort opening in December in the Washington, DC area will be "the most profitable commercial casino in the United States outside of Las Vegas," Murren predicted.
Shares of MGM are climbing late this afternoon.
Separately, TheStreet Ratings rated MGM as a "hold" with a score of C.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including deteriorating net income, disappointing return on equity and generally higher debt management risk.
You can view the full analysis from the report here: MGM
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.