MGM Resorts Profit And Sales Top Estimates

MGM Resorts International said Thursday it had net income of $66.8 million, or 12 cents a share, in the first quarter, down sharply from $169.9 million, or 33 cents a share, in the year-earlier period. Revenue fell to $2.4 billion from $2.5 billion. The FactSet consensus was for EPS of 11 cents and revenue of $2.3 billion. The quarter included a higher tax rate as well as the absence of a gain booked the year earlier related to litigation settlements at the company's CityCenter unit. The company sold CityCenter's "The Shop at Crystals" for $1.1 billion in the quarter. Shares were slightly lower in premarket trade, but are down 5% in the year to date, while the S&P 500 is up 0.4%.