MGM Crushes Earnings Estimates as Las Vegas Strip Sets Records

MGM Resorts reported second-quarter diluted earnings of $1.11 per share, nearly double Wall Street's $0.58 estimate, on revenue of $4.5 billion. Net income attributable to shareholders jumped to $292.4 million.

Las Vegas Strip resorts generated $2.2 billion in revenue, up 3% from a year ago, while regional operations posted all-time best same-store quarterly revenue with record casino and slot results. Macau was roughly flat.

MGM Digital grew revenue 20% year over year, though the segment still posted a $31 million adjusted EBITDA loss as the company continues to invest in its online business.