MGM Resorts International Earnings: Here’s Why Investors are Excited Now
MGM Resorts International (NYSE:MGM) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.86%.
MGM Resorts International Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.23 in the quarter versus EPS of $-0.21 in the year-earlier quarter.
Revenue: Decreased 0.1% to $2.29 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: MGM Resorts International reported adjusted EPS loss of $0.23 per share. By that measure, the company missed the mean analyst estimate of $-0.22. It missed the average revenue estimate of $2.31 billion.
Quoting Management: “2012 was a transformational year for MGM Resorts International highlighted by major improvements in our financial position, significant progress on future growth opportunities and strengthening of our company culture. We closed the year with strong fourth quarter results driven by a 5% increase in wholly owned domestic resorts EBITDA,” said Jim Murren, MGM Resorts International Chairman and CEO. “We are off to a great start in 2013, with our Cotai land recently gazetted, a $500 million special dividend announced by MGM China, and solid events thus far in Las Vegas including Super Bowl and Chinese New Year.”
Key Stats (on next page)…