by Christopher Freeburn | April 29, 2014 12:42 pm
A strong earnings report by MGM Resorts International (MGM) lifted other casino resort stocks in Tuesday morning trading.
MGM reported an adjusted first-quarter profit of 22 cents per share. Wall Street had been looking for a profit of just 9 cents. Quarterly revenue climbed 12% to $2.6 billion boosted by a 26% rise in revenue at its Macau unit, Bloomberg noted.
The news sent MGM shares up about 8%. Investor enthusiasm spilled over to other casino stocks, including Las Vegas Sands (LVS) and Wynn Resorts (WYNN). LVS stock surged 5% on the news, while WYNN stock gained about 4%.
MGM stock closed at $23.02 per share on Monday. LVS and WYNN stock ended Monday trading at $74.39 and $193.64 per share, respectively.
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