MGM Resorts International (NYSE:MGM) reports 2Q18 Profit Down 42%; Misses Estimate

MGM Resorts International

MGM Resorts International (NYSE:MGM) reported net income for the second quarter of $ 123.78 million or $ 0.21 per share, compared to income of $ 209.86 million or $ 0.36 per share for the year-ago quarter.

The topline results for the second quarter rose 8% to $ 2.86 billion from $ 2.65 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected MGM Resorts International to report income of $ 0.29 per share on revenue of $ 2.96 billion for the second quarter.

Jim Murren, Chairman and CEO of MGM Resorts International, said, Earlier this week, we announced major alliances with GVC, Boyd Gaming and the NBA to cement our leadership position in the developing sports betting market in the U.S. Further, the recent passage of Japan’s Integrated Resort Implementation Act is another historic milestone, and we believe we are well positioned in that market.

The Board of Directors approved a quarterly dividend of $0.12 per share totaling approximately $65 million. The dividend will be payable on September 14, 2018 to holders of record on September 10, 2018.

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