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Published: February 13, 2024 at 4:33 PM ET
Written by Ben Glickman
MGM Resorts International’s fourth-quarter revenue increased significantly as a recovery in the company’s China operations offset weakness in its regional operations.
The Las Vegas-based hotel and casino operator reported profit of $313 million, or 92 cents per share, for the quarter ended Dec. 31, compared with profit of $284 million, or 92 cents per share. It was 69 cents per share…
Written by Ben Glickman
MGM Resorts International’s fourth-quarter revenue increased significantly as a recovery in the company’s China operations offset weakness in its regional operations.
The Las Vegas-based hotel and casino operator reported a profit of $313 million, or 92 cents per share, for the quarter ended Dec. 31, compared with a profit of $284 million a year earlier. dollar (69 cents per share). Analysts polled by FactSet had expected earnings of 69 cents a share.
Adjusted earnings, excluding certain one-time items, were $1.06 a share, beating analysts’ expectations of 71 cents, according to FactSet.
Revenue rose 22% to $4.38 billion, beating the $4.14 billion expected by analysts polled by FactSet.
Revenue from MGM China increased nearly six times as Macau lifted coronavirus-related restrictions and increased visitor numbers.
This offset a 12% decline in revenue from MGM’s regional operations, due in part to a union strike at MGM Grand Detroit and lower sales of upscale tables at MGM National Harbor. It was helpful.
The Las Vegas Strip resort’s revenue increased 3% during the same period.
Email Ben Glickman at ben.glickman@wsj.com.
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