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
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