MGM Resorts (MGM) Tops Q2 EPS by 31c

MGM Resorts (NYSE: MGM) reported Q2 EPS of ($0.13), $0.31 better than the analyst estimate of ($0.44). Revenue for the quarter came in at $2.3 billion versus the consensus estimate of $2.09 billion.

"We delivered a strong second quarter, driven by robust demand and productivity efforts across our domestic portfolio. Our Las Vegas Strip and Regional Operations Adjusted Property EBITDAR margins reached all-time records and our Regional Operations also delivered an all-time quarterly record in Adjusted Property EBITDAR. Our U.S. sports betting and iGaming venture, BetMGM, continues to outperform as the number two operator nationwide," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "We also recently announced several strategic transactions that furthered our goal of becoming a more streamlined, focused organization with stronger liquidity. We continued to advance that goal today with our announced agreement with VICI and MGM Growth Properties to monetize our MGP Operating Partnership units for $4.4 billion in cash. I'm grateful for the tremendous work that our MGM Resorts teams continue to put into positioning this Company for future growth and success."

"Our robust liquidity position provides us with significant flexibility as our business continues to improve and stabilize. As such, we have returned capital to shareholders through share repurchases during the second quarter and expect to remain programmatic in our approach through the rest of the year," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts. "As we navigate future uses of our capital, we will remain disciplined in maintaining a strong balance sheet, pursuing targeted growth opportunities and returning cash to shareholders."

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

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• St. Joe Company (JOE) Reports Q1 EPS of $0.24
• TAL Education (TAL) Tops Q1 EPS by 10c