Written by :
Aaron Goldstein
Published on :
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
