MGM Resorts misses first-quarter earnings estimates

Business News

MGM Resorts International on Monday reported first-quarter profit of $31.3 million.

On a per-share basis, the Las Vegas-based company said it had profit of 5 cents. Earnings, adjusted for non-recurring costs, were 12 cents per share.

The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.

The casino and resort operator posted revenue of $3.18 billion in the period, exceeding Street forecasts.