© Reuters. FILE PHOTO: The Bellagio hotel and casino is seen along the Las Vegas strip after MGM Resorts International announced it was selling the resort and Circus Circus in separate deals in Las Vegas, Nevada, U.S. October 15, 2019. REUTERS/David Becker
By Doyinsola Oladipo
NEW YORK (Reuters) -MGM Resorts International on Monday beat Wall Street estimates for first-quarter revenue due to an increase in traffic and business volumes in Macau and Las Vegas.
Shares of the company rose 1.2% in trading after the bell.
Casino operators are benefiting from the rebound in traffic in gaming hubs as travel and tourism spending from China rebounds.
“MGM Resorts (NYSE:) is executing across all of its geographies and channels with record first quarter Las Vegas Strip Adjusted Property EBITDAR, consistently strong Regional Operations profit, MGM China (OTC:)’s swift return to profitability,” said MGM Resorts CEO Bill Hornbuckle in a press release.
The Las Vegas-based casino operator posted an adjusted first-quarter gain of 44 cents per share, beating analysts’ expectations for a gain of 1 cent a share.
The casino operator’s revenue rose to $3.9 billion in the first quarter from $2.9 billion a year ago and surpassed analysts’ average estimate of $3.6 billion.
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