MGM Resorts quarterly revenue rises on sports betting strength

Reuters
31 Jul
<a href="https://laohu8.com/S/MGM">MGM Resorts</a> quarterly revenue rises on sports betting strength

July 30 (Reuters) - Casino operator MGM Resorts International MGM.N on Wednesday reported a rise in second-quarter revenue, driven by strong performance in its online sports-betting operations as well as its China unit.

The company's China unit reported a 9% revenue growth at $1.11 billion as its casinos in the region generated more revenue from participations in main floor and VIP table games.

Revenue from its regional operations segment, which encompasses casinos in U.S. markets outside Las Vegas, also rose 4% to $964.6 million.

Its digital unit, which offers online gaming product offerings such as iGaming, as well as digital slots, table games, live dealer and online sports betting, recorded a 14% revenue growth to $163.9 million.

There has been a surge in demand for online gambling, especially in sports betting, in the last few years, benefiting companies such as MGM Resorts and Caesars Entertainment CZR.O.

Caesars had posted a narrower loss on Tuesday, while BetMGM, MGM's sports-betting joint venture Entain ENT.L, had also raised its annual forecast due to strong demand in online sports betting and its iGaming division.

However, MGM Digital's adjusted operating loss widened, and weighed on the company's overall earnings.

MGM Resorts' adjusted per-share profit for the second-quarter came in at 79 cents, compared to 86 cents, a year earlier.

Total revenue rose 1.8% to $4.40 billion for the quarter ended June 30, from $4.33 billion a year earlier.

(Reporting by Anshuman Tripathy in Bengaluru; Editing by Leroy Leo)

((Anshuman.Tripathy@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10