UPDATE: MGM Resorts Posts Upbeat Q2 Profit, Shares Rise

Shares of MGM Resorts International MGM gained more than 2.5% in pre-market trading after the company posted a profit in the second quarter. The Las Vegas, Nevada-based company posted a quarterly profit of $105.5 million, or $0.21 per share, versus a year-ago loss of $92.9 million, or $0.19 per share. The latest quarter results included non-cash impairment charges of $29 million, versus $37 million in the year-ago period. Its revenue climbed 4% to $2.6 billion. However, analysts were projecting a profit of $0.10 per share on revenue of $2.57 billion. Casino revenue at its wholly owned domestic resorts surged 6%, while rooms revenue at wholly owned domestic resorts gained 6%. MGM China's adjusted EBITDA rose 3% y/y to $210 million, while CityCenter's adjusted EBITDA from resort operations surged 20% to $81 million. Jim Murren, Chairman and CEO said, "Our domestic business was very strong with 12% EBITDA growth in Las Vegas driven by strong performance in both our room and casino segments. CityCenter resort operations continue to improve while in Macau we grew cash flow and margins due to a higher contribution of revenues from our main floor business. These results clearly reflect the success of our investments and strategies in our existing properties, while we are building MGM Cotai and beginning construction on MGM National Harbor." MGM shares surged 2.76% to $27.18 in pre-market trading.