MGM Resorts Shares Slide After Worse-Than-Expected Q3 Results: Details

MGM Resorts International MGM reported its third-quarter results after Wednesday’s closing bell. Here’s a look at the details from the quarter.

The Details: MGM Resorts reported quarterly earnings of 54 cents per share, which missed the analyst consensus estimate of 61 cents. Quarterly revenue came in at $4.2 billion, which missed the analyst consensus estimate of $4.21 billion.

• Las Vegas Strip Resorts recorded net revenues of $2.1 billion in the quarter, an increase of 1% compared to the prior year quarter due primarily to an increase in non-gaming revenue, partially offset by a decrease in casino revenue.
• Regional Operations recorded net revenues of $952 million in the current quarter, compared to $925 million in the prior year quarter, an increase of 3%, due primarily to an increase in casino revenue.
• MGM China recorded net revenues of $929 million in the current quarter compared to $813 million in the prior year quarter, an increase of 14%. The current quarter was positively affected by the recovery of operations after the removal of COVID-19-related travel and entry restrictions in the first quarter of 2023.

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“We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. In Las Vegas, we drove sequential improvement throughout the quarter and many key metrics are demonstrating strength including growth in ADR and occupancy,” said Bill Hornbuckle, CEO of MGM Resorts International.

“MGM Resorts is well positioned for long-term growth driven by the positive inflection to come in our digital investments alongside the enviable integrated resorts pipeline of development that we have in Japan as well as opportunities in New York and beyond,” Hornbuckle added.

MGM Price Action: According to Benzinga Pro, MGM Resorts shares are down 5.82% after-hours at $39 at the time of publication Wednesday.

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