Economy Briefs: Heathrow to bolster passport staff for Olympics

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LAS VEGAS — MGM Resorts International said Thursday that its first-quarter loss ballooned as higher costs and some one-time charges overshadowed a jump in sales.

MGM shares dropped nearly 4 percent in morning trading.

The Las Vegas casino and hotel operator lost $217.3 million, or 44 cents per share, in the January-to-March quarter, compared with a loss of $89.9 million, or 18 cents per share, a year earlier. Analysts predicted a loss of 17 cents per share, according to FactSet. The one-time charges during the quarter were related to a dividend tax for MGM China and for paying down some long-term debt earlier than expected.

Revenue jumped 51 percent to $2.29 billion. Analysts forecast $2.26 billion.


Europe’s central bank chief urges more government cuts

FRANKFURT — European Central Bank President Mario Draghi offered little promise of new help for the struggling eurozone economy and urged governments to stay the course on tough spending cuts.

Speaking after the bank left its key interest rate unchanged at a record low of 1 percent, Mr. Draghi said Thursday that the best hope for growth would be a Europe-wide push on deep economic reforms.

Those could include cutting red tape for businesses and reforming unbalanced labor market practices that make it hard to fire established employees, leaving older workers protected and younger ones facing a high likelihood of unemployment.

“We have to put growth back at the center of the agenda,” he said, elaborating on his call last week for a “growth compact” to go alongside the fiscal treaty signed this year tightening limits on government spending and deficits.

From wire dispatches and staff reports

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