Thursday, Aug. 4, 2016 | 8:10 a.m.
Casino and hotel operator MGM Resorts said Thursday that its second-quarter profit quintupled from the same period a year ago, mainly due to the sale of its stake in a high-end Las Vegas shopping center.
The Las Vegas company reported net income of $474.4 million, or 83 cents per share, in the three months ending June 30, compared with $97.5 million, or 17 cents per share, in the same quarter a year ago.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.
Most of the profit increase came from the sale of its stake in The Shops at Crystals, giving the company a $406 million gain.
Revenue fell 5 percent to $2.27 billion in the period as casino revenue fell 9 percent.
The company operates or has stakes in several hotels around the world, including the Bellagio in Las Vegas and the MGM Macau in China.
Shares of MGM Resorts International rose 43 cents, or 1.8 percent, to $24.21 in morning trading Thursday.
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