MGM Resorts (MGM) Reports Q4 Loss Per Share of $1.38
MGM Resorts (NYSE: MGM) reported Q4 EPS of ($1.38), does not compare to the analyst estimate of $0.08. Revenue for the quarter came in at $2.19 billion versus the consensus estimate of $2.25 billion.
Key fourth quarter results for MGM China include the following:
- MGM China earned net revenue of $499 million, a 31% decrease compared to the prior year quarter;
- Main floor table games revenue decreased 14% compared to the prior year quarter;
- VIP table games revenue decreased 49% due to a decrease in VIP table games turnover of 57% compared to the prior year quarter, while hold percentage increased to 3.0% in the current year quarter compared to 2.6% in the prior year quarter;
- MGM China's Adjusted EBITDA was $131 million, a 29% decrease compared to the prior year quarter, including $9 million of license fee expense in the current year quarter and no expense related to license fees in the prior year quarter;
- MGM China's Adjusted EBITDA margin increased by 45 basis points compared to the prior year quarter to 26.3% as a result of an increase in main floor table games mix; and
- MGM China's operating loss was $1.4 billion in the current year quarter, which included a $1.5 billion non-cash impairment charge on goodwill from the 2011 MGM China acquisition, compared to operating income of $109 million in the prior year quarter.
For earnings history and earnings-related data on MGM Resorts (MGM) click here.
