5 Key Quarterly Reports to Watch

2. MGM Resorts International (NYSE:MGM)

Number of Hedge Fund Holders: 55

Shares of MGM Resorts International (NYSE:MGM) slightly moved up in the pre-market trading session on Tuesday, May 3, 2022, following its upbeat financial performance for the first quarter.

MGM Resorts International (NYSE:MGM) reported adjusted earnings of 1 cent per share, swinging from an adjusted loss of 68 cents per share in the year-ago period. Revenue for the quarter soared 73 percent on a year-over-year basis to $2.9 billion. Analysts were looking for a loss of 7 cents per share on revenue of $2.78 billion.

MGM Resorts International (NYSE:MGM) also released the sales results of its flagship businesses. Revenue at the Las Vegas Strip Resorts skyrocketed 205 percent to $1.7 billion, while revenue from the Regional Operations rose 25 percent to $891 million in the quarter. On the downside, revenue from MGM China fell 9 percent to $268 million.

Discussing the results, CEO Bill Hornbuckle said:

“We delivered a strong first quarter in our domestic operations driven by weekend demand and a better mix of business. Our midweek business is improving with each quarter and our group base is growing after a tough January. The results demonstrate the robust demand for our gaming entertainment offerings with the backdrop of increased sports and entertainment programming in the Las Vegas market.”