MGM Resorts International has reported a net profit of US$3.44 billion for the second quarter of 2011, reversing a loss of US$883.5 million experienced in the same period last year. The result was thanks in the most part to a one-off gain of US$3.5 billion via the acquisition of a controlling interest in MGM China Holdings Ltd. The company’s operating performance also improved however; MGM’s net revenues for the quarter jumped 17% year-on-year to US$1.81 billion, exceeding analysts’ expectations. MGM China performed strongly, posting pre-tax profits surging 180% to US$170 million.
Jim Murren, MGM Resorts’ Chairman & CEO said the acquisition of MGM China marked “an important step in expanding our global operations and profitability”.