Published: 10:07, August 1, 2024
Casino Operator MGM beats Q2 estimates on recovery in Macao business
By Reuters
A general view of MGM Grand Macau casino resort is seen in Macao, Feb 15, 2011. (PHOTO / AP)

MGM Resorts International beat Wall Street's second-quarter estimates on Wednesday, thanks to a strong recovery in Macao following the easing of pandemic-related restrictions last year.

Shares of the company were up 1.5 percent in extended trading.

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Casino operators such as MGM and Wynn have seen increased traffic at their Macao gaming hubs, driven by a resurgence in travel and tourism spending in China, the world's second-largest economy.

Quarterly revenue at MGM China came in at $891 million, up 33 percent compared to last year.

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MGM's total revenue rose 9.7 percent 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.