MGM Resorts Q3 Loss Narrows

(RTTNews) - Casino operator MGM Resorts International (MGM), on Thursday reported a loss for the third quarter that narrowed from a year ago, but were very short of Wall Street expectations.

Las Vegas, Nevada-based MGM Resorts' third-quarter loss narrowed to $20.27 million or $0.04 per share from last year's loss of $22.31 million or $0.05 per share last year.

On average, 19 analysts polled by Thomson Reuters expected the company to report profit of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter improved to $2.49 billion from $2.46 billion last year. Analysts had a consensus revenue estimate of $2.49 billion for the quarter.

Revenues from MGM's wholly owned domestic resorts rose to $1.58 billion from $1.55 billion last year, driven largely by higher occupancy and room revenues.

Revenue per available room rose to $124 from $117 last year, while occupancy improved to 95 percent from 93 percent a year ago. The average daily rate for the resorts improved to $131 from $127 last year.

MGM China revenue slipped 2 percent to $794 million, as VIP table games revenues dropped 19 percent, partially offset by a 34 percent growth in main floor table games revenues.

Looking forward, we remain highly focused on increasing revenues and expanding margins while driving operating leverage in an improving market," said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International.

MGM is currently trading at $23.40, up $0.51 or 2.23%, on the NYSE.