MGM Resorts (MGM) Tops Q2 EPS by 6c

MGM Resorts (NYSE: MGM) reported Q2 EPS of $0.17, $0.06 better than the analyst estimate of $0.11. Revenue for the quarter came in at $2.39 billion versus the consensus estimate of $2.38 billion.

Key results for the second quarter of 2015 include the following:

• Net revenue at the Company's wholly owned domestic resorts was $1.7 billion, an increase of 4% compared to the prior year quarter;
• Rooms revenue at wholly owned domestic resorts increased 6% with a 6% 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 $458 million, an 11% increase compared to the prior year quarter;
• Adjusted Property EBITDA margin for wholly owned domestic resorts increased 158 basis points to 26.9% in the current year quarter;
• MGM China's net revenue was $557 million and Adjusted EBITDA was $132 million, decreases of 33% and 37%, respectively, compared to the prior year quarter; and
• CityCenter's Adjusted EBITDA related to resort operations was $84 million, a 4% increase compared to the prior year quarter.

"We are continuing to drive increased profits at MGM Resorts with second quarter wholly owned Adjusted Property EBITDA up 11% driven by growth at our Las Vegas and regional resorts. These resorts are continuing to gain operating momentum while we continue to make significant progress on our development pipeline in Cotai, Maryland, and Massachusetts," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are focused on positioning the Company for future growth, and are pleased to announce the implementation of our Profit Growth Plan to further enhance our business practices and profitability."

For earnings history and earnings-related data on MGM Resorts (MGM) click here.

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