MGM Resorts has “best July as a company we’ve ever had”

Casino operator MGM Resorts managed to post a larger than expected profit in Q2 despite ongoing carnage at its Macau property.

In the three months ending June 30, MGM’s overall revenue fell 4.8% to $2.27b, while operating income more than doubled to $769m. However, $406m of this was a one-off gain from the sale of the Crystals shopping mall at its 50% owned CityCenter property in Las Vegas.

MGM China reported revenue down 19% to $452m thanks to a 3% decline in mass market table games and a 33% decline at MGM Macau’s VIP tables. Adjusted earnings fell 10% to $119m and operating income fell $7m to $51m.

Things were slightly rosier at MGM’s wholly owned domestic properties, as revenue was basically flat at $1.7b but adjusted earnings rose 12% to $515m and operating income was up 16% to $390m.