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Casino Operator MGM beats second-quarter estimates on recovery in Macau business

Published 07/31/2024, 04:53 PM
Updated 07/31/2024, 04:56 PM
© Reuters. FILE PHOTO: An exterior view of Park MGM Hotel and Casino in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo
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(Reuters) - MGM Resorts (NYSE:MGM) 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 and tourism spending in China, the world's second-largest economy.

Quarterly revenue at MGM China (OTC:MCHVY) came in at $891 million, up 33% compared to last year.

© Reuters. FILE PHOTO: An exterior view of Park MGM Hotel and Casino in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo

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.

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