MGM Resorts Shares Jump 2.2% Premarket After Profit And Revenue Beat

By Ciara Linnane Markets MarketWatch Pulse

Shares of casino operator MGM Resorts International rose 2.2% in premarket trade Thursday, after the company reported stronger-than-expected earnings for its first quarter. MGM said it had net income of $207 million, or 36 cents a share, in the quarter, up from $67 million, or 12 cents a share, in the year-earlier period. Revenue rose to $2.71 billion from $2.21 billion, ahead of the FactSet consensus of $2.63 billion. "MGM National Harbor and Borgata, our newest additions on the East Coast, are leading their respective markets, and we continue to work toward expanding our footprint in Macau with the opening of MGM Cotai later this year," Chief Executive Jim Murren said in a statement. Shares have gained 3.3% in 2017, while the S&P 500 has gained 6.6%.

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