Local News


MGM surpasses Wall Street expectations

The MGM Grand is a world-famous hotel and casino located on the Las Vegas Strip as seen in May 2021
Posted at 5:18 PM, Apr 22, 2022
and last updated 2022-04-22 20:18:23-04

LAS VEGAS (AP) — MGM Growth Properties LLC (MGP) on Thursday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.

The real estate investment trust, based in Las Vegas, said it had funds from operations of $184.6 million, or 69 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 67 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $69.4 million, or 44 cents per share.

The real estate investment trust posted revenue of $201.9 million in the period.