April 29 (Reuters) – MGM Resorts International missed Wall Street expectations for first-quarter profit on Thursday, hurt by weaker performance of its Las Vegas businesses amid ongoing macroeconomic uncertainty.
Falling visits to Las Vegas has led to a slump in demand for luxury vacations at the company’s properties in the region, including resorts, hotels and casinos.
Revenue from its Las Vegas Strip Resorts came in at $2.2 billion for the first quarter, slightly higher than a year ago.
“We are seeing signs of strength driven by solid convention bookings, our newly launched all-inclusive promotion, and our recently refreshed rooms at the MGM Grand Las Vegas,” CEO Bill Hornbuckle said.
Its quarterly adjusted per-share profit of 49 cents came below Wall Street expectations of 53 cents, according to data compiled by LSEG.
MGM’s total revenue rose 4.1% to $4.45 billion in the first quarter ended March 31. Analysts, on average, estimated $4.37 billion.
Revenue from MGM China, representing the company’s operations in China and Macau, grew 9% to $1.1 billion for the quarter.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Sahal Muhammed)
