Languid demand in China skewed casino operator MGM’s profits into negative territory, pegged at 4.8% for the current quarter.
According to latest figures, MGM’s income decreased 4.4% to $2.27 billion in the quarter ending in June compared to the same period last year.
Chinese operations proved to be a drag on the overall revenue as income decreased 19% to $452 million. In contrast, chairman and chief executive Jim Murren said domestic resorts posted the most quarterly profit after eight years as adjusted income grew 12%.
One-time gains from the sale of a Las Vegas property contributed to a 79% jump in profits for the current quarter.
In March, MGM and Infinity World reached a deal to divest their interests in Crystals, a luxury shopping center in Las Vegas to mall operator Simon Property Group and Investco for about $1.1 billion.
