MGM Resorts (MGM) Tops Q1 EPS by 19c
MGM Resorts (NYSE: MGM) reported Q1 EPS of $0.33, $0.19 better than the analyst estimate of $0.14. Revenue for the quarter came in at $2.33 billion versus the consensus estimate of $2.4 billion.
- Rooms revenue at wholly owned domestic resorts increased 2% with a 1% 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 $390 million, a 3% decrease compared to the prior year quarter, partially due to a decrease in table games hold percentage;
- MGM China's net revenue was $630 million and Adjusted EBITDA was $148 million, a decrease of 33% and 38% compared to the prior year quarter, respectively; and
- CityCenter earned Adjusted EBITDA related to resort operations of $82 million, a 14% decrease compared to the prior year quarter, due primarily to a decrease in table games revenues.
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