MGM Resorts (NYSE: MGM) reported Q3 EPS of $0.26, $0.06 better than the analyst estimate of $0.20. Revenue for the quarter came in at $3.03 billion versus the consensus estimate of $2.96 billion.

MGM China

Key third quarter results for MGM China include:

• Net revenues of $606 million, a 37% increase compared to the prior year quarter. The current quarter benefited from the opening of MGM Cotai in February 2018, which contributed $172 million of net revenues;
• Main floor table games win increased 43% compared to the prior year quarter due primarily to the opening of MGM Cotai;
• VIP table games win increased 11% compared to the prior year quarter due primarily to an 8% increase in VIP table games win at MGM Macau;
• Operating income was $52 million in the current quarter compared to $38 million in the prior year quarter;
• Adjusted Property EBITDA increased 7% to $130 million compared to $121 million in the prior year quarter. The current quarter included $11 million of license fee expense compared to $8 million in the prior year quarter; and
• Operating margin was 8.6% in the current year quarter, and Adjusted Property EBITDA margin was 21.5% in the current quarter compared to 27.4% in the prior year quarter, due primarily to the ramp-up of operations at MGM Cotai.

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