WASHINGTON (dpa-AFX) - MGM Resorts International (MGM) reported lower profit in its first quarter, despite growth in net revenues.
Bill Hornbuckle, President and CEO of MGM Resorts International, stated, 'Looking into the second quarter and beyond, we are seeing signs of strength driven by solid convention bookings, our newly launched all-inclusive promotion, and our recently refreshed rooms at the MGM Grand Las Vegas.'
In the first quarter, net income attributable to MGM Resorts was $125.14 million, compared to $148.55 million in the prior year.
Earnings per share were $0.48, compared to $0.51 in the prior year quarter. Adjusted earnings per share wer $0.49, compared to $0.69 last year.
Consolidated Adjusted EBITDA of $580 million in the current quarter compared to $637 million in the prior year quarter
Consolidated net revenues increased 4 percen to $4.45 billion from prior year's $4.28 billion.
In the after-houra trading, the shares gained 0.6 percent, after closing Wednesday's regular trading 1.18 percent lower, at $39.27.
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