MGM Resorts (MGM) Reports In-Line Q4 EPS, Revenues Miss

MGM Resorts (NYSE: MGM) reported Q4 EPS of ($0.90), in-line with the analyst estimate of ($0.90). Revenue for the quarter came in at $1.49 billion versus the consensus estimate of $1.52 billion.

• Recovery continues to be led by the Company's U.S. Regional Operations
• The Company remains confident in the long-term recovery of the Las Vegas and Macau markets
• The Company's liquidity at its domestic operations remains strong at $5.6 billion
• BetMGM continues to deliver on market share gains in the growing U.S. sports betting and iGaming market

"We remain confident in the long-term recovery of our business. We have strengthened our operational foundation through cost efficiencies that position us for sustainable growth, as solutions to the public health crisis accelerate and restrictions continue to ease." said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "Our fourth quarter results delivered Adjusted Property EBITDAR improvements over the third quarter and our regional operations continued to generate margin growth."

"We are engaged on pandemic response while staying focused on the future. This includes maintaining a strong balance sheet to seize opportunities and continuing to drive BetMGM, our U.S. sports betting and iGaming venture. BetMGM gained significant market share throughout 2020 while successfully launching in seven new states. We expect to be in 20 markets by the end of the year, and are very pleased with the January launches in Iowa, Michigan, and Virginia."

"I look to the future with hope and gratitude for the strength and determination of our teams and communities, and the continued loyalty of our guests. Safety and well-being remain our highest, unwavering priorities."

"I'm thrilled to play a role in the recovery and long-term growth of one of the most iconic global gaming entertainment brands," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International. "We remain focused on executing our strategic plan to drive margin expansion, deliver profitable growth and maximize shareholder value."

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

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