MGM Resorts quarterly revenue rises on sports betting strength
The company's China unit reported a 9% revenue growth at $1.11 billion as its casinos in the region generated more revenue from participations in main floor and VIP table games.
Revenue from its regional operations segment, which encompasses casinos in U.S. markets outside Las Vegas, also rose 4% to $964.6 million.
Its digital unit, which offers online gaming product offerings such as iGaming, as well as digital slots, table games, live dealer and online sports betting, recorded a 14% revenue growth to $163.9 million.
There has been a surge in demand for online gambling, especially in sports betting, in the last few years, benefiting companies such as MGM Resorts and Caesars Entertainment (CZR.O), opens new tab.
Caesars had posted a narrower loss on Tuesday, while BetMGM, MGM's sports-betting joint venture Entain (ENT.L), opens new tab, had also raised its annual forecast due to strong demand in online sports betting and its iGaming division.
However, MGM Digital's adjusted operating loss widened, and weighed on the company's overall earnings.
MGM Resorts' adjusted per-share profit for the second-quarter came in at 79 cents, compared to 86 cents, a year earlier.
Total revenue rose 1.8% to $4.40 billion for the quarter ended June 30, from $4.33 billion a year earlier.
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