MGM Resorts (NYSE: MGM) reported Q1 EPS of $0.05, may not compare to the analyst estimate of $0.21. Revenue for the quarter came in at $3.2 billion versus the consensus estimate of $3.13 billion.

Las Vegas Strip Resorts

Net revenues of $1.4 billion in both the current and the prior year quarters; and
Adjusted Property EBITDA of $404 million, a 10% decrease compared to $449 million in the prior year quarter, due primarily to a decrease in casino revenue, and Adjusted Property EBITDA margin of 28.3%, a 311 basis point decrease compared to the prior year quarter.

Regional Operations

Net revenues increased 21% to $804 million including $78 million in contributions from the opening of MGM Springfield on August 24, 2018 and $37 million in contributions from the acquisition of Empire City Casino on January 29, 2019; and
Adjusted Property EBITDA of $207 million, a 24% increase compared the prior year quarter and Adjusted Property EBITDA margin of 25.7% in the current quarter, a 61 basis point increase compared to the prior year quarter.

MGM China

Net revenues increased 23% to $734 million including $301 million from a full quarter of operations at MGM Cotai compared to $85 million in the prior year quarter as the property opened on February 13, 2018; and
Adjusted Property EBITDA of $191 million, a 26% increase compared to the prior year quarter, reflecting a full quarter of operations and the addition of 25 new-to-market tables on January 1, 2019 at MGM Cotai.

"MGM 2020 is our key focus. We have developed a comprehensive roadmap and we expect to deliver on our 2020 plans and operating model transformation. This re-investment into our business is expected to result in Adjusted EBITDA uplift of $300 million in 2021, compared to when we launched the plan, with phase 1 of $200 million in 2020 and phase 2 of $100 million in 2021. We are making good progress," said Corey Sanders, Chief Financial Officer of MGM Resorts. "We also continue to be focused on fortifying our balance sheet. Earlier this month, we raised $1 billion of senior notes at very attractive rates and used the proceeds to address our near-term maturities. We remain confident in our goal to get our consolidated net leverage to 3-4x by year end 2020."

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