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MGM 1st-qtr loss balloons as higher costs and special charges offset jump in sales
LAS VEGAS (AP) ' MGM Resorts International says its first quarter loss ballooned as higher costs and some one-time charges overshadowed a huge jump in sales.
MGM shares dropped 4 percent in trading Thursday before the opening bell.
The Las Vegas casino and hotel operator lost $217.3 million, or 44 cents per share, in the January-March quarter, compared with a loss of $89.9 million, or 18 cents per share, a year earlier. Analysts predicted a smaller loss of 17 cents per share, according to FactSet.
Revenue jumped 51 percent to $2.29 billion. Room rates increased and revenue from MGM China rose 18 percent, driven by table games and slots. Analysts expected $2.26 billion in revenue.
Expenses rose 48 percent to $2.08 billion.