Net income was $3.44bn, or $6.22 a share, boosted by a $3.5bn gain from consolidating Macau on its books. That compares to a loss of $883.5m, or $2 a share, a year earlier when earnings were hit by CityCenter development writedowns, the Las Vegas-based company said Monday.
Macau is booming while Las Vegas stages a broad-based recovery from its steepest gambling and convention decline. Room rates have increased at most of MGM’s 10 Las Vegas Strip resorts and visitors are spending more on food and entertainment as tourists and conventions return. MGM took a controlling stake in its Macau joint venture in the quarter, consolidating onto its books a resort in the world’s biggest gambling market, where casino betting surged 58 percent last year and 45 percent in the six months ended June 30.
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