LAS VEGAS, July 30 -- The math worked in MGM Resorts International's favor at the Las Vegas Strip last quarter. Casino revenue at the company's marquee properties jumped 17 percent to $536 million in the three months through June, lifted by a table games win percentage of 29.6 percent, well above the 22.9 percent the house captured in the same period a year earlier. Strip favorable variance did a significant portion of the work behind what MGM announced Tuesday as record consolidated quarterly revenue of $4.45 billion.

Total revenue topped Wall Street's $4.44 billion estimate, sending adjusted earnings per share to $0.59 and beating the $0.56 consensus. But the headline number is not a simple growth story. Adjusted EBITDA fell to $610 mi...