MGM Shares Gaining Tuesday Following Big Earnings Win News

Written by:
Aaron Goldstein
Published on:
Aug/05/2014
MGM Shares Gaining Tuesday Following Big Earnings Win News

MGM shares rose as much as 2.5% on news that the gambling resort raked in more cash in Vegas thanks to higher occupancy rates, loftier room prices and a stronger percentage of gambling wins.

The company enjoyed a per-share profit of 21 cents during the second quarter of this year following a lagging start.

MGM also owns the Mirage, Luxor and Mandalay Bay.  Occupancy rates in those establishments were up 96% the last quarter, while average room rates rose to $141 from $134.

While domestic slot revenue dipped to 1%, MGM reported that its percentage of table games winning bets were up.

Food and beverage sales were also boosted from convention traffic.

- Aaron Goldstein, Gambling911.com

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