MGM Officials Sell Stock Before Releasing Quarterly Report
Shares of MGM Resorts International (NYSE:MGM) were up on Tuesday after the company posted quarterly losses that came in lower than analysts had expected, and stated its performance was helped by MGM China and operations in Mississippi.
According to Reuters, MGM reported a net loss of 30 cents per share, compared with a net gain of $6.22 last year. MGM CEO Jim Murren told analysts the company was doing its best to maximize profitability by focusing on cost management and bettering its customer relations.
"Based on these current trends we expect Revpar [revenue per available room] in the third quarter will be slightly down," he said, adding that he was still confident that trends in 2013 would help business pick up.
Bill Lerner, an analyst at Union Gaming Corp., stated that "MGM's quarter looked good, compared with other casino operators, and particularly in Macau. And they did a nice job of communicating concerns."
Still, amid the better-than-expected results and positive remarks from analysts, officials have still sold $3,620 in stock through insider transactions in the last three months.
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