An exterior view of MGM Grand hotel and casino, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo Acquire Licensing Rights
Nov 8 (Reuters) – MGM Resorts International (MGM.N) beat market estimates for third-quarter profit and revenue on Wednesday, as the casino operator benefited from easing pandemic-related entry restrictions in its key markets.
The post-pandemic travel rebound in China and Macau has been a tailwind for casino operators such as MGM Resorts and Las Vegas Sands Corp (LVS.N).
“MGM China is performing exceptionally well,” MGM’s CEO Bill Hornbuckle said in the statement.
Shares of the company were up 2.6% at $39.61 after the bell.
Last month, MGM had said it expects a $100 million hit to its third-quarter results after a cyberattack disrupted its operations, forcing a shutdown of its systems.
MGM, along with Wynn Resorts (WYNN.O), also faces a potential strike after about 35,000 Las Vegas hospitality workers are ready to walk off the job on Nov. 10 if they do not have a labor contract by then.
MGM’s total revenue rose about 16% to $3.97 billion in the quarter through September, compared with analysts’ average estimate of $3.87 billion, according to LSEG data.
Its per-share adjusted profit of 64 cents in the quarter also beat analysts’ expectations of 49 cents.
Reporting by Priyamvada C in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles.
Casino operator MGM beats third-quarter estimates as China travel rebounds
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