Thursday, October 30, 2014 1:18:31 PM
Oct 30 2014, 08:04 ET | About: MGM Resorts International (MGM) | By: Mohit Manghnani, SA News Editor
MGM Resorts (NYSE:MGM): Q3 EPS of $0.06 in-line.
Revenue of $2.5B (+1.6% Y/Y) beats by $10M.
Shares -2% PM.
Press Release
http://seekingalpha.com/news/2076305-mgm-resorts-eps-in-line-beats-on-revenue?uprof=45#email_link
MGM Resorts International Reports Third Quarter Financial Results
Thu October 30, 2014 8:00 AM|PR Newswire | About: MGM
LAS VEGAS, Oct. 30, 2014 /PRNewswire/ -- MGM Resorts International (NYSE: MGM (MGM)) today reported financial results for the quarter ended September 30, 2014. Diluted loss per share for the third quarter of 2014 was $0.04 compared to diluted loss per share of $0.05 in the prior year third quarter.
"Our consolidated net revenues increased by 1% and EBITDA increased by 2% during the quarter. In Las Vegas, the market continues to improve as our top line revenues grew 3%. While we expected to have some negative impact to margins during the quarter as a result of the disruptions related to our investments in Delano at Mandalay Bay and the Strip frontage at Monte Carlo, we were also negatively affected by lower year over year table games hold and an increase in certain expenses. Looking forward, we remain highly focused on increasing revenues and expanding margins while driving operating leverage in an improving market," said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International, "MGM China reported a 12% increase in EBITDA to $214 million and margin expansion of 330 basis points despite a difficult market. The construction of MGM Cotai is progressing well and is on time, and on budget, for a fall 2016 opening."
Key results for the third quarter of 2014 include the following:
•Consolidated net revenue was $2.5 billion, a 1% increase over the prior year quarter;
•Net revenue at the Company's wholly owned domestic resorts increased 2% compared to the prior year quarter;
•Rooms revenue at wholly owned domestic resorts increased 5% with a 6% increase in REVPAR(1) at the Company's Las Vegas Strip resorts compared to the prior year quarter;
•Adjusted Property EBITDA(2) was $570 million, a 2% increase compared to the prior year quarter;
•The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $328 million, a 6% decrease compared to the prior year quarter, primarily due to a decrease in table games hold percentage at its Las Vegas Strip resorts which negatively affected Adjusted Property EBITDA by approximately $18 million;
•MGM China's Adjusted EBITDA was $214 million, a 12% increase compared to the prior year quarter, including $12 million of branding fee expense in the current quarter compared to $8 million in the prior year quarter; and
•CityCenter earned Adjusted EBITDA related to resort operations of $64 million, a 2% increase over the prior year quarter.
More...
http://seekingalpha.com/pr/11500355-mgm-resorts-international-reports-third-quarter-financial-results
Recent MGM News
- Ericsson Soars with 66% Net Profit Growth; Live Nation Under Antitrust Scrutiny in US, and More News • IH Market News • 04/16/2024 11:18:19 AM
- Stack Capital Holding Prove Identity Announces Strategic Partnership with BetMGM • GlobeNewswire Inc. • 04/03/2024 11:45:00 AM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- Prove Identity Partners with BetMGM to Elevate Security and Enhance Sports Betting Experience for March College Basketball • Business Wire • 04/02/2024 12:30:00 PM
- Walgreens Slashes Annual Profit Forecast; MillerKnoll Nosedives 17% on Bleak 4Q Outlook, and Latest News • IH Market News • 03/28/2024 01:48:04 PM
- BELLAGIO FOUNTAIN CLUB RETURNS FOR FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX 2024 NOVEMBER 21-23 • PR Newswire (US) • 03/25/2024 05:15:00 PM
- MGM RESORTS INCENTIVIZES EMPLOYEES TO CONSERVE WATER AT HOME WITH A $500,000 GRANT ON WORLD WATER DAY • PR Newswire (US) • 03/21/2024 03:00:00 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 03/11/2024 09:08:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 12:02:02 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 12:01:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/29/2024 11:59:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 09:28:32 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/23/2024 01:28:47 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/16/2024 09:57:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/13/2024 09:14:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/02/2024 09:34:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 12:07:11 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 12:05:56 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 12:03:51 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/14/2023 10:27:58 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/14/2023 10:09:46 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/14/2023 09:09:57 PM
- Form 144/A - Report of proposed sale of securities: [Amend] • Edgar (US Regulatory) • 12/14/2023 09:06:14 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/12/2023 09:17:48 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM