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MGM Posts Mixed Q2 Results; Shares Volatile

MGM Resorts International MGM reported mixed bag of results for the second quarter. While earnings topped estimate, revenue missed.

The resort firm's net income attributable to its shareholders jumped to $474.35 million or $0.83 a share from $97.46 million or $0.17 a share in the year-ago period thanks to $0.57 a share gain on CityCenter's sale of The Shops at Crystals. Excluding the gain, it would have earned $0.26 a share, which was $0.04 a share higher than the Street estimate of $0.23.

MGM's revenue fell to $2.27 billion from $2.39 billion in the previous year period and came below the analysts' predictions of $2.33 billion.

Chairman and CEO Jim Murren commented on the results saying, "Our Profit Growth Plan drove our domestic resorts Adjusted Property EBITDA to grow an impressive 12% and Adjusted Property EBITDA margins to improve by over 350 basis points, despite a record-breaking May last year."

At time of writing, shares of the company traded down by $0.78, or 3.28 percent, to $23.00 in the pre-market on Thursday.

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