Mandalay Resort Group ( MBG) announced fourth-quarter earnings that beat Wall Street estimates, fueled by strong Las Vegas results.

Mandalay announced fourth-quarter net earnings of $22.8 million, or 35 cents a share, more than 5 times the net income of $4.2 million, or 6 cents a share, it had a year ago. Excluding all items, the casino group earned 35 cents a share, topping Wall Street expectations by four cents a share.

Revenue came in at $604.1 million, up 10% from $544.2 million a year ago. The company's operating cash flow came in at $136.7 million for the quarter, up from $120 million a year ago.

Las Vegas results drove the company's strong performance, especially in the key revenue per available room, or Revpar, metric. In the fourth quarter, Revpar at its Las Vegas Strip properties, which include Luxor, Mandalay Bay and a 50% stake in Monte Carlo, rose 22%, boosted by the strong convention market.

Ahead of the release of its earnings, shares of Mandalay rose 62 cents, or 1.2%, to $52.76.