MGM Resorts International (NYSE:MGM) shares are trading higher during Monday's after-hours session after the company announced better-than-expected financial results.
MGM said first-quarter revenue increased 73% year-over-year to $2.9 billion, which beat the $2.78 billion estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 1 cent per share, which beat the estimate for a loss of 7 cents per share.
MGM said it has repurchased $2.8 billion of its common stock since January 2021. More than $1 billion was repurchased during the first quarter of 2022.
MGM also highlighted its tender offer for LeoVegas, which was announced Monday morning. The proposed acquisition will allow MGM to expand into international online gaming with a world class management team, strong IT platform and growth prospects.
MGM 52-Week Range: $35.72 - $51.17
The stock was up 2.22% in after hours at $42.90 at press time.
Photo: courtesy of MGM.
