MGM Resorts Q1 Profit Misses Estimates on Vegas Slump
MGM Resorts missed profit estimates as Las Vegas demand softened. Earnings of 49 cents per share trailed forecasts while total revenue rose to 4.45 billion.
MGM RESORTS INTERNATIONAL reported first-quarter adjusted EPS of $0.49, missing Wall Street expectations of $0.53 on late evening Wednesday. Total revenue rose 4.1% to $4.45 billion, though a slowdown in the United States weighed on profit margins. Investors are monitoring whether luxury demand in Las Vegas can offset rising costs and macroeconomic headwinds.
### Las Vegas Demand Softens Revenue from Las Vegas Strip Resorts reached $2.2 billion, a marginal increase over the previous year. However, falling visitor numbers led to lower demand for luxury vacations across hotels and casinos. LSEG data shows the company struggled with macroeconomic uncertainty that impacted regional performance.
