Losses narrow at MGM Resorts

MGM Resorts International reported a smaller quarterly loss as hotel profits rose at its resorts in Las Vegas and earnings more than doubled at its Macau casino, sending the company’s shares up 9.6 per cent. MGM posted an adjusted loss of 16 cents a share yesterday, better than the loss of 19 cents a share forecast by analysts. First-quarter net revenue rose three per cent to $1.5bn (£907m). MGM Macau reported operating income of $126m, up from $49m a year earlier.