MGM Resorts Surpasses Q4 Estimates, Bolstered by Bookings Surge
MGM Resorts International (NYSE: MGM) outperformed analysts' projections for both revenue and earnings in the fourth quarter of 2022. The company attributed this robust performance to an increase in bookings across its properties.
Following the announcement, MGM's stock price jumped by approximately 9% in after-hours trading. Moreover, MGM expressed confidence in its online sports betting venture, BetMGM, to achieve profitability during the current calendar year.
Adjusting for certain factors, MGM reported earnings per share of $0.45 for the quarter, exceeding analysts' consensus target of $0.30 per share (as per LSEG data compilation). Casino revenue from the company's operations in China and Macau (MGM China) surged by 4% to $885 million, while its overall revenue for the quarter reached $4.35 billion, marginally below the $4.27 billion estimate.