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:MGM) 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:MCHVY)'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.