News Summary: MGM Resorts posts surprise 1Q profit
LAS VEGAS (AP) — SURPRISE PROFIT: MGM Resorts International reported its best first quarter since 2008 on Thursday, buoyed by growth in Las Vegas and Macau. It beat expectations by swinging to a surprise profit from a big loss a year ago. Analysts had expected a small loss.
THANKS, VEGAS: While other casino companies saw fewer customers in Sin City last quarter, MGM filled more rooms and took in more money. Revenue at MGM's 10 Strip casinos increased 2.4 percent to $1.2 billion. Table game revenue jumped 16 percent.
NEW DAY: MGM's revenue has steadily improved for the last several years, but it has posted losses in all but a handful of quarters. CEO Jim Murren says today marks a "new era" for the company.