Industry analysts grilled MGM Resorts International executives Thursday after the company forecast weak results for the current quarter because — just like its competitors — it expects fewer scheduled entertainment events and lower room rates in Las Vegas this summer.
Chairman and CEO Jim Murren highlighted the company's casino revenue from its Strip properties and its recent moves to strengthen its position as the legal sports betting market expands in the U.S. But analysts pressed on the summer results.
The Las Vegas-based company reported second-quarter net income of $123.8 million, compared with $209.9 million during last year's quarter.
The results were in line with Wall Street expectations.
Casino operators have told analysts this week they are facing tough third-quarter comparisons because last summer featured stronger convention business and several more entertainment events, including the marquee fight between Floyd Mayweather Jr. and Conor McGregor at the MGM-owned T-Mobile Arena.