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MGM Resorts reports Q1 earnings

MGM Resorts Internationalon May 5 reported first-quarter earnings.

For the first quarter, net income attributable to MGM ResortsInternational totaled $66.8 million, or 12 cents per share, compared to $169.9 million,or 33 cents per share, in the year-ago quarter.

The company said that current quarter net income was affectedby an increase in the effective tax rate from a benefit of 36% in the prior-yearquarter to a provision of 19% in the current year quarter, primarily as a resultof a decrease in the amount of foreign tax credits that it expects to benefit in2016. The prior-year quarter benefited from a 9-cent-per-share gain related to CityCenter'sfinal resolution of its construction litigation and remaining settlements.

The S&P Capital IQ consensus GAAP EPS estimate for the firstquarter was 11 cents.

Adjusted property EBITDA for the company's wholly owned domesticresorts was $485 million, a 24% increase over the year-ago quarter. Las Vegas StripRevPAR grew by 8%.