Market movers

MGM hits profit on Vegas, Macau strength

The fountains at MGM’s Bellagio.
Julie Jacobson/AP/File 2012
The fountains at MGM’s Bellagio.

Shares of MGM Resorts International rose after the company reported a surprise profit for its first quarter on the strength of room bookings and gambling tables on the Las Vegas Strip and continued profits in Macau. Chief executive Jim Murren called the results the best first quarter since the beginning of the recession five years ago. MGM earned $6.5 million, or 1 cent per share, in the period, rebounding from a loss of $217.3 million, or 44 cents, a year earlier. Analysts expected a loss of 10 cents.