MGM Resorts Q2 Revenue Beats Estimates on Casino Strength, $164M Buyback
MGM sits 54% above its 52-week low of $29.185.
Summary
MGM Resorts posted Q2 revenue of $4.50 billion, edging past the $4.42 billion consensus, driven by a 3% gain on the Las Vegas Strip and a 20% surge in digital revenue. Adjusted EPS of $0.59 also topped estimates, though it declined from the prior year. The company repurchased $164 million in shares during the quarter, signaling confidence amid the ongoing buyout offer from People Inc. at $48.30 per share. This follows BetMGM's guidance cut yesterday and the special committee's evaluation of the takeover bid announced earlier this month. The results show operational resilience in the core casino business, which could strengthen MGM's hand in deal negotiations.
At the time of this announcement, MGM was trading at $44.84 on NYSE in the Trade & Services sector, with a market capitalization of approximately $11.7B. The 52-week trading range was $29.19 to $51.59. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.