What's Up With MGM Resorts Shares Soaring Higher Thursday?

MGM Resorts International MGM shares are trading higher by 7% at $39.93 after the company reported better-than-expected second-quarter EPS and sales results.

MGM reported quarterly earnings of 13 cents per share, which beat the analyst consensus estimate of a loss of 44 cents per share. MGM reported quarterly sales of $2.30 billion which beat the analyst consensus estimate of $2.09 billion.

"Our robust liquidity position provides us with significant flexibility as our business continues to improve and stabilize. As such, we have returned capital to shareholders through share repurchases during the second quarter and expect to remain programmatic in our approach through the rest of the year," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts.

"As we navigate future uses of our capital, we will remain disciplined in maintaining a strong balance sheet, pursuing targeted growth opportunities and returning cash to shareholders," Halkyard concluded.

MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one-fourth of all units in the market.

The company's Vegas properties include MGM Grand, Mandalay Bay, Mirage, Luxor, New York-New York and a 50% ownership stake in CityCenter.

MGM has a 52-week high of $45.34 and a 52-week low of $16.31.