MGM Resorts (NYSE: MGM) reported Q3 EPS of $0.12, $0.08 better than the analyst estimate of $0.04. Revenue for the quarter came in at $2.28 billion versus the consensus estimate of $2.3 billion.

MGM China

• Key third quarter results for MGM China include the following:
• MGM China earned net revenue of $529 million, a 33% decrease compared to the prior year quarter;
• Main floor table games revenue decreased 30% compared to the prior year quarter;
• VIP table games revenue decreased 39% due to a decrease in VIP table games turnover of 55% compared to the prior year quarter, while hold percentage increased to 3.7% in the current year quarter compared to 2.7% in the prior year quarter;
• MGM China's Adjusted EBITDA was $128 million, a decrease of 40% compared to the prior year quarter, including $9 million of license fee expense in the current year quarter compared to $12 million in the prior year quarter;
• Adjusted EBITDA margin declined 268 basis points to 24.2% in the current year quarter; and
• Operating income was $63 million compared to $140 million in the prior year quarter.
• MGM China paid a $76 million interim dividend in August 2015, of which $39 million was distributed to MGM Resorts and $37 million was distributed to noncontrolling interests.

MGM Resorts International (NYSE: MGM) today announced that it confidentially submitted a draft registration statement on Form S-11 to the United States Securities and Exchange Commission ("SEC") relating to the proposed initial public offering of Class A common shares ("Class A Shares") of a newly formed limited liability company, MGM Growth Properties LLC ("MGP"), that intends to elect and qualify to be taxed as a real estate investment trust.

The offering will allow MGP to focus on its unique growth strategies, including owning, acquiring and leasing large-scale casino resort properties, which include casino gaming, hotel, convention, dining, entertainment, retail and mixed-use facilities, and other resort amenities.

The number of Class A Shares to be sold and the price range for the proposed offering have not yet been determined although MGM intends to maintain control of the subsidiary post offering. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.

This press release is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended, and does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

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