MGM Resorts Beats Estimates on Macau Boom, Vegas Recovery

MGM Resorts International, the biggest casino operator on the Las Vegas Strip, reported second-quarter earnings that beat analyst estimates as it took control of a Macau joint venture and a recovery strengthened in Nevada.

Net income was $3.44 billion, or $6.22 a share, boosted by a $3.5 billion gain from consolidating Macau on its books. That compares to a loss of $883.5 million, or $2 a share, a year earlier when earnings were hit by CityCenter development writedowns, the Las Vegas-based company said today in a statement. Excluding items such as the Macau-booked gain, the loss was 5 cents, smaller than the 13-cent loss average of 23 analysts’ estimates compiled by Bloomberg.