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MGM: 1Q Earnings Snapshot

LAS VEGAS (AP) _ MGM Resorts International (MGM) 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. Five analysts surveyed by Zacks expected $3.13 billion.

MGM shares have risen 18% since the beginning of the year. In the final minutes of trading on Monday, shares hit $28.65, a decline of slightly more than 8% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGM at https://www.zacks.com/ap/MGM