MGM Resorts 1Q profit leaps on Macau strength

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Associated Press

Posted on April 29, 2014 at 8:00 AM

Updated Tuesday, Apr 29 at 8:02 AM

LAS VEGAS (AP) — MGM Resorts International's first-quarter net income soared, bolstered by continued strength in Macau and improved room bookings on the Las Vegas Strip.

For the period ended March 31, the casino operator earned $108.2 million, or 21 cents per share. A year earlier it earned $6.5 million, or 1 cent per share.

The current quarter included a $3.5 million income tax benefit. The prior-year period reflected a $30.4 million income tax provision.

Analysts predicted earnings of 8 cents per share for the Las Vegas company.

Revenue climbed 12 percent to $2.63 billion from $2.35 billion, topping Wall Street's $2.57 billion.

Occupancy improved on the Las Vegas Strip and room rates increased.

MGM China's revenue rose 26 percent.

MGM Resorts stock rose 72 cents, or 3.1 percent, to $23.74 in premarket trading an hour before the market opening.

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