By Owen Tucker-Smith

MGM Resorts International is the biggest winner on the S&P 500 today. The hospitality company posted sales above expectations on Wednesday after the bell, and shares spiked 17% during Thursday trading.

The company, which operates casinos and hotels, reported fourth-quarter revenue of $4.35 billion, ahead of Wall Street expectations. Jefferies analysts highlighted recovery in MGM's Macau business and growth in its Las Vegas business as key growth drivers. "We maintain our bullish thesis on the company," said the analysts, who boosted their forecast for 2025 revenue.

Citi analysts noted that the company's Las Vegas operation notched an all-time high for monthly slots handled in December, and that January demand has been strong. They flagged that February Las Vegas sales comps will be impacted because the Super Bowl took place in Nevada last February.

Chief Executive Bill Hornbuckle said that record performance in the China business had driven the company to its best full-year consolidated net revenue in the company's history. Hornbuckle added that the company repurchased three million shares during the fourth quarter, and that "this reduced share count will accelerate the free cash flow per share generation for our shareholders, creating significant value."

MGM Resorts stock is up 16% this year but is down 12% over the past 52 weeks. It's on track for its highest close since Oct. 30.

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(END) Dow Jones Newswires

February 13, 2025 15:14 ET (20:14 GMT)

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