MGM Withdraws 2020 Financial Targets - Quick Facts

(RTTNews) - MGM Resorts International (MGM) said, as a result of the increased volatility in its business due to coronavirus as well as the market-wide weakness in Far East baccarat in Las Vegas, the company believes it is appropriate to withdraw its fiscal 2020 financial targets.

Fourth-quarter adjusted earnings per share was $0.08 compared to a loss per share of $0.03, prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.26, for the quarter. Analysts' estimates typically exclude special items. Consolidated adjusted EBITDAR decreased 3% to $682 million.

Fourth-quarter consolidated net revenues increased 4% year-on-year to $3.2 billion. Analysts expected revenue of $3.19 billion for the quarter.

MGM Resorts also announced a 15% increase to quarterly dividend, a new $3 billion share repurchase program and anticipated launch of a modified dutch auction tender offer to purchase up to $1.25 billion of common stock on February 14 at a range between $29 and $34 per share.

On February 12, 2020, the company's Board approved a quarterly dividend of $0.15 per share. The dividend will be payable on March 16, 2020 to holders of record on March 10, 2020.

Shares of MGM Resorts International were down more than 3% after hours.