MGM Resorts Q1 Profit Spikes - Quick Facts

(RTTNews) - Casino operator MGM Resorts International (MGM) posted a sharp surge in its first-quarter 2014 net income attributable to the company to $108.16 million, or $0.21 per share, from $6.55 million, or $0.01 per share, last year. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.09 for the quarter. Analysts' estimates typically exclude one-time items.

Consolidated operating income was $413 million this quarter, compared with $302 million in the earlier year quarter.

Consolidated net revenue was $2.63 billion, a 12% increase over the prior-year quarter's $2.35 billion. Analysts estimated revenues of $2.58 billion for the quarter. Three-month consolidated casino revenue grew 13% year-over-year.

"We are off to a strong start in 2014, with double digit Adjusted EBITDA growth at our wholly owned domestic resorts and record results at MGM China and CityCenter," said Jim Murren, Chairman and Chief Executive Officer. He added, "Our development projects are well underway as MGM Cotai, our second Macau property, is on schedule to open in early 2016 and we are preparing to break ground on MGM National Harbor, in Maryland this summer, where we expect to open in 2016."