MGM Resorts beats 1Q earnings expectations, misses revenue forecasts

MarketsAssociated Press

MGM Resorts International (MGM) on Monday reported first-quarter net income of $169.9 million.

On a per-share basis, the Las Vegas-based company said it had profit of 33 cents. Earnings, adjusted for non-recurring gains, came to 26 cents per share.

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The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.

The casino and resort operator posted revenue of $2.33 billion in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $2.44 billion.

MGM shares have risen slightly since the beginning of the year. The stock has dropped 19 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGM at http://www.zacks.com/ap/MGM

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Keywords: MGM Resorts, Earnings Report