05.05.2016 - MGM Resorts International has reduced profit
Report of MGM Resorts International has shown decline in profits for the 1st quarter of this year by 61%, against the backdrop of the weak business performance in China and tax provision. Sales in China fell by 26% to 469 million dollars. In general, the company's profit totaled 66.8 million dollars compared to 169.8 million a year earlier. Revenue fell by 5.3% to 2.21 billion dollars. The current trend may continue in the second quarter, and we expect the company's shares fall by 7-10% in the coming months.