(Refiles to add media packaging code) (Reuters) -Casino operator MGM Resorts International beat fourth-quarter profit and revenue estimates on Wednesday, aided by strength from more bookings across its properties. Shares of the Las Vegas, Nevada-based company rose about 9% in aftermarket trade. The company also said it expects its jointly-owned online sports-betting service, BetMGM, to […]
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MGM shares surge after topping quarterly profit, revenue estimates
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(Reuters) -Casino operator MGM Resorts International beat fourth-quarter profit and revenue estimates on Wednesday, aided by strength from more bookings across its properties.
Shares of the Las Vegas, Nevada-based company rose about 9% in aftermarket trade.
The company also said it expects its jointly-owned online sports-betting service, BetMGM, to be profitable this year.
On an adjusted basis, MGM earned 45 cents per share for the quarter ended December 31, ahead of analysts’ estimates of 30 cents per share, according to LSEG compiled data.
Quarterly casino revenue from MGM China, representing the company’s operations in China and Macau, grew 4% to $885 million from a year ago.
Its overall revenue fell marginally to $4.35 billion in the fourth quarter, higher than estimates of $4.27 billion.
(Reporting by Anshuman Tripathy and Nathan Gomes in Bengaluru; Editing by Mohammed Safi Shamsi)