MGM Resorts Q3 Loss Narrows - Quick Facts

(RTTNews) - MGM Resorts International (MGM) Thursday said third-quarter net loss attributable to the company narrowed to $31.86 million or $0.07 per share from $181.16 million or $0.37 per share in the third quarter of 2012.

The latest results were affected by non-cash impairment charges of $26 million, primarily related to land holdings in Jean and Sloan, Nevada, and income tax provision was affected by $28 million of valuation allowance on U.S. deferred tax assets, including a valuation allowance related to tax benefit.

The prior year results were affected by the company's share of CityCenter's non-cash residential impairment charge related to Mandarin Oriental, estimated costs accrued for the demolition of the Harmon, and by a valuation allowance for a portion of U.S. deferred tax assets.

On average, 25 analysts polled by Thomson Reuters expected a loss of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues rose 9 percent to $2.65 billion from $2.44 billion in the prior year. Wall Street expected revenues of $2.42 billion. Jim Murren, CEO, said, "I am pleased to report another solid quarter with double digit EBITDA growth and increased margins, led by strength at MGM China and our Las Vegas Strip properties. These results are reflective of the continued market share gains from programs such as M life and our focus on international marketing strategies combined with our best in class collection of resorts and amenities."

The stock, which closed at $20.29, is falling 3.8 percent in pre-market activity.