MGM Resorts Posts Better-Than-Expected Q1 Results
Portfolio Pulse from Erica Kollmann
MGM Resorts International (NYSE:MGM) reported Q1 earnings of 74 cents per share, surpassing the analyst consensus of 56 cents. Quarterly sales were $4.383 billion, exceeding estimates of $4.236 billion and marking a 13.16% increase from the previous year. The growth was attributed to MGM China's performance and the lifting of COVID-19 restrictions in Macau. The company also highlighted a strategic growth plan and a successful partnership with Marriott, leading to a 1.94% after-hours stock price increase.
May 01, 2024 | 8:41 pm
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MGM Resorts International reported higher-than-expected Q1 earnings and sales, with significant growth from MGM China and a successful partnership with Marriott.
The positive earnings report and sales growth, particularly from MGM China and the Marriott partnership, indicate strong operational performance and strategic success. The after-hours stock price increase reflects immediate positive market reaction, suggesting a short-term bullish outlook for MGM shares.
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IMPORTANCE 90
RELEVANCE 100