MGM Resorts (MGM) Misses Q1 EPS by 13c, Revenues Drop 29%

MGM Resorts (NYSE: MGM) reported Q1 EPS of ($0.45), $0.13 worse than the analyst estimate of ($0.32). Revenue for the quarter came in at $2.3 billion, versus $3.18 billion reported last year.

"The year started strong with results ahead of expectations, however the COVID-19 pandemic resulted in the closure of our properties which had a material negative impact on our first quarter results," said Bill Hornbuckle, Acting CEO and President of MGM Resorts. "It is still premature to predict the opening dates of our domestic properties. In the meantime, we are collaborating with public health officials, experts in epidemiology and biosafety, and both state and federal government to come up with a set of protocols that will help deliver a safe, secure environment for our employees and guests. We are aggressively managing our cash outflows and strengthening our liquidity position to make certain that despite a lack of revenue, we are able to advance our longer term strategic initiatives such as a new integrated resort in Japan, growing our business in Macau, and establishing a leading presence in sports betting and on-line gaming. With premier assets in most of the markets in which we operate, we are confident we will emerge from the crisis in a strong position."

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