Shares of hotel and casino operator MGM Resorts International (MGM) dropped sharply Thursday after the com🌺pany's top executive mentioned lackluster bookings for a big Formula 1 race-car event coming to Las Vegaꦓs in November.

Chief Executive Officer (CEO) Bill Hornbuckle raised concerns on MGM Resorts' second-quarter earnings call Wednesday about room rates for the 澳洲幸运5开奖号码历史查询:Formula One (F1) Grand Prix race in November, which he said were “showing some softness.” He said that MGM is “hoping and believing that this race will continue to pace up,” but added that it “presents a potential headwind in the fourth quarter.”

Strong Q2 Earnings Showing

The race bookings worries offset the company’s strong second-quarter financial results. Adjusted earnings per share (EPS) came in 46% higher than the year-ago quarter at 86 cents, and revenue jumped nearly 10% to $4.33 billion, a second-quarter record for 澳洲幸运5开奖号码历史查询:MGM Resorts. Both exceeded analyst estimates from Visible Alpha.

Revenue from its Las Vegas properties was up 2.7% to $2.21 billion, also ahead of forecasts, primarily on higher room revenue and 澳洲幸运5开奖号码历史查询:average daily rate, plus catering and banquet saඣles gains, MGM Resorts said. Continued ramping-up of operations after the end of strict COVID restrictions in China in the first quarter of last year helped boost Macau revenue by 37.7% to $1.02 💖billion.

Shares of MGM Resorts International slumped to their lowest level in nine months Thursdayꩲ, falling almost 14% to $37 ꦇThursday afternoon.