MGM Resorts International (MGM)

[MCArmel1]

MGM Resorts beats by $0.12, misses on revenue

May 4 2015, 08:26 ET | About: MGM Resorts International (MGM) | By: Niloofer Shaikh, SA News Editor

MGM Resorts (NYSE:MGM): Q1 EPS of $0.26 beats by $0.12.
Revenue of $2.33B (-11.4% Y/Y) misses by $70M.
Shares -4.07% PM.
Press Release

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MGM Resorts International Reports First Quarter Financial Results
Mon May 4, 2015 8:15 AM|PR Newswire | About: MGM

LAS VEGAS, May 4, 2015 /PRNewswire/ -- MGM Resorts International (MGM) (NYSE: MGM) today reported financial results for the quarter ended March 31, 2015.

"I am pleased to report that net income attributable to MGM Resorts increased by 65% and earnings per share increased by $0.13 year over year. MGM Resorts achieved Las Vegas Strip REVPAR growth of 1% over a very robust prior year quarter comparison of 14%. Our regional properties achieved strong EBITDA growth of 10% year over year, while MGM China maintained market share. With the anticipated difficult comparison of the first quarter behind us, we continue to see strong forward trends for the rest of the year in Las Vegas," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are actively improving our balance sheet with the recent announcement of a special dividend and regular dividend policy from CityCenter, the conversion of approximately $1.45 billion in convertible notes into equity and the agreement to amend and extend MGM China's credit facility."

Key results for the first quarter of 2015 include the following:
•Net revenue at the Company's wholly owned domestic resorts was $1.6 billion, an increase of half a percent compared to the prior year quarter;
•Slots revenue at wholly owned domestic resorts increased 5% compared to the prior year quarter;
•Rooms revenue at wholly owned domestic resorts increased 2% with a 1% increase in REVPAR(1) at the Company's Las Vegas Strip resorts compared to the prior year quarter;
•The Company's wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $390 million, a 3% decrease compared to the prior year quarter, partially due to a decrease in table games hold percentage;
•MGM China's net revenue was $630 million and Adjusted EBITDA was $148 million, a decrease of 33% and 38% compared to the prior year quarter, respectively; and
•CityCenter earned Adjusted EBITDA related to resort operations of $82 million, a 14% decrease compared to the prior year quarter, due primarily to a decrease in table games revenues.

First Quarter Consolidated Results

Diluted earnings per share for the first quarter of 2015 was $0.33 compared to diluted earnings per share of $0.20 in the prior year first quarter.

The following table lists certain other items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):

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