MGM Resorts International (MGM) Tops Q1 EPS by 12c

MGM Resorts International (NYSE: MGM) reported Q1 EPS of $0.21, $0.12 better than the analyst estimate of $0.09. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $2.58 billion.

"We are off to a strong start in 2014, with double digit Adjusted EBITDA growth at our wholly owned domestic resorts and record results at MGM China and CityCenter," said Jim Murren, Chairman and CEO. "In the U.S., we are executing on our strategy to drive customer loyalty by increasing incremental convention business to our properties mid-week, hosting the best events on the weekends, and continually bringing new and exciting capital initiatives to our properties. Our development projects are well underway as MGM Cotai, our second Macau property, is on schedule to open in early 2016 and we are preparing to break ground on MGM National Harbor, in Maryland this summer, where we expect to open in 2016."

Financial Position

"Our continued focus on driving revenue growth and maximizing margins is reflected in our strong flow through at our Las Vegas resorts," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer. "These factors along with continued strength at MGM China and CityCenter contributed to significant year over year growth in net income and earnings per share."

The Company's cash balance at March 31, 2014 was $1.1 billion, which included $556 million at MGM China. At March 31, 2014 the Company had $2.8 billion of borrowings outstanding under its $4.0 billion senior secured credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility.

For earnings history and earnings-related data on MGM Resorts International (MGM) click here.

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