July 29 (Reuters) – Casino operator MGM Resorts International beat analysts’ estimates for second-quarter revenue on Wednesday, driven by strong performance in its Las Vegas business.
While leisure demand in Las Vegas remains uneven, casinos and hospitality businesses have found an unlikely lifeline in business travel — a smaller but rapidly growing segment driven by corporate conferences and trade conventions.
Here are some details:
• “Vegas, for the first time in six quarters, showed top line growth,” CEO Bill Hornbuckle said on the post-earnings conference call.
• MGM is looking to host more business events for technology companies and is hosting Google and Cisco over the summer, Hornbuckle said.
• Sales in the Las Vegas strip resorts rose 3% to $2.2 billion in the second quarter.
• Total revenue came in at $4.45 billion, up from $4.40 billion a year ago and above analysts’ average estimate of $4.42 billion, according to data compiled by LSEG.
• Sales in the company’s regional segment, which includes properties in Detroit and Atlantic City, among others, fell 4% to $924 million.
• Quarterly adjusted per-share profit of 59 cents was above the estimate of 57 cents.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Shilpi Majumdar)
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