MGM Resorts Surpasses Q1 Forecasts; Record $4.83bn Revenue in China, Las Vegas

May 1, 2024, 08:49 PM

MGM Resorts International reported a strong performance in the first quarter of 2024, surpassing analyst expectations with adjusted earnings per share of $0.74 against estimates of $0.56, and generating sales of $4.383 billion, exceeding forecasts of $4.236 billion. The company attributed its record quarterly revenue of $4.83 billion (£3.85bn/€4.51bn) to robust performances in its China and Las Vegas operations. Additionally, MGM China achieved significant revenue growth, contributing to the company's highest ever market share. The positive results led to a 7.1% increase in MGM's stock price in pre-market trading, as Wall Street praised the company's earnings, particularly highlighting the momentum in Macau.