MGM Resorts (MGM) Reports Q1 EPS of 12c

MGM Resorts (NYSE: MGM) reported Q1 EPS of $0.12, may not compare to the analyst estimate of $0.11. Revenue for the quarter came in at $2.38 billion versus the consensus estimate of $2.28 billion.

MGM China

Key first quarter results for MGM China include:

• Net revenue of $469 million, a 26% decrease compared to the prior year quarter;
• Main floor table games revenue decreased 8% compared to the prior year quarter;
• VIP table games revenue decreased 41% due to a decrease in turnover of 34% compared to the prior year quarter, and hold percentage decreased to 3.0% in the current year quarter, compared to 3.3% in the prior year quarter;
• Adjusted EBITDA of $114 million, a 23% decrease compared to the prior year quarter, including $8 million of license fee expense in the current year quarter and $11 million in the prior year quarter;
• Adjusted EBITDA margin increased by 77 basis points compared to the prior year quarter to 24% as a result of an increase in main floor table games mix and continuous efforts to reduce costs; and
• Operating income of $47 million, compared to operating income of $72 million in the prior year quarter.

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

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