MGM Resorts International (NYSE: MGM) shares surged 8.84% in after-hours trading on Wednesday, following the company's better-than-expected fourth-quarter 2024 earnings and revenue results. The strong performance was driven by a record performance from its operations in China.
For the fourth quarter, MGM Resorts reported adjusted earnings per share of $0.45, beating analyst consensus estimates of $0.30 by a significant margin of 50%. The company's revenue for the quarter came in at $4.346 billion, slightly above Wall Street's expectations of $4.273 billion.
The casino and resort operator's strong results were fueled by robust performance from its MGM China business, which saw revenue increase by 4% year-over-year to $1 billion. This record performance from MGM China offset modest declines in other segments, such as the Las Vegas Strip Resorts, where revenue dipped 6.2% compared to the prior year.
In a statement, MGM Resorts CEO Bill Hornbuckle expressed optimism about the company's outlook, citing strong demand and future bookings. "December was our highest convention booking month on record, and in January we saw revenue growth in our Las Vegas Strip Resorts and Regional Operations as well as strong future bookings," Hornbuckle said.
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