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Why MGM Resorts Stock Jumped After Earnings

·1-min read

Shares of casino stock MGM Resorts (NYSE: MGM) jumped as much as 5.6% in trading on Thursday after the company reported second-quarter financial results. Revenue jumped 44% versus a year ago to $3.3 billion, and net income was $1.8 billion after a gain related to the deconsolidation of MGM Growth Properties. Adjusted earnings per share were $0.03, and adjusted earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR), which is a proxy for cash flow from resorts, was $920 million.