MGM Resorts exceeds profit expectations as sports betting offsets lower hotel revenue
MGM Resorts beat profit estimates today as digital sports betting growth offset lower Las Vegas hotel revenue. Total revenue reached 4.6 billion dollars.
Insights:
MGM Resorts International reported fourth-quarter profit and revenue above Wall Street estimates on Thursday, driven by strong performance in its online sports-betting and MGM Digital businesses. The results for the period ended December 31 showed that digital growth materially affected the company's quarterly performance, even as traditional Las Vegas lodging and retail revenues declined.
The US 
US-based company announced that total revenue rose to $4.6 billion, compared to a $4.44 billion estimate from analysts. Adjusted earnings per share reached $1.60, significantly exceeding the $0.57 expected by Wall Street. This outperformance was largely fueled by the MGM Digital segment, which saw revenue grow 34.6% year-over-year to $188.24 million.
US-based company announced that total revenue rose to $4.6 billion, compared to a $4.44 billion estimate from analysts. Adjusted earnings per share reached $1.60, significantly exceeding the $0.57 expected by Wall Street. This outperformance was largely fueled by the MGM Digital segment, which saw revenue grow 34.6% year-over-year to $188.24 million.
