Why MGM Resorts Is Rising Today

·2-min read
Why MGM Resorts Is Rising Today

Shares of MGM Resorts (NYSE: MGM) were rising 7% in afternoon trading Thursday after the global casino operator reported second-quarter earnings that beat Wall Street estimates on the top and bottom line. The casino industry is still laboring under a diminished outlook because of the pandemic, and with coronavirus variants spreading worldwide, resulting in new lockdowns and mask mandates, it's possible to see a scenario where casinos would be dead money for a period of time. MGM Resorts, however, reported revenue of almost $2.3 billion leading to an adjusted loss of $0.13 per share, stomping all over analyst expectations of a $0.36 per share loss (analyst estimates typically do not include one-time items that companies strip away in their adjusted numbers).

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