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MGM Resorts International (NYSE:MGM) reported its results for the third quarter. MGM Resorts International is a holding company which, through its wholly-owned subsidiaries, owns and operates casino resorts.
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MGM Resorts International Earnings Cheat Sheet
Results: Loss widened to $181.2 million (37 cents per diluted share) from $123.8 million (loss of 25 cents per share) in the same quarter a year earlier.
Revenue: Rose 1% to $2.25 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: MGM Resorts International fell short of the mean analyst estimate of a loss of 16 cents per share. Analysts were expecting revenue of $2.26 billion.
Quoting Management: “Our third quarter operating results are reflective of a challenging consumer environment, but we had some bright spots with strong results from MGM Grand Las Vegas and The Mirage and record third quarters from MGM China and CityCenter,” said Jim Murren, Chairman and CEO of MGM Resorts International. “We have achieved a great milestone with MGM China by accepting the formal land concession agreement and look forward to continuing to make progress towards a second resort and casino in Macau. Meanwhile, early fourth quarter trends are improving at our domestic resorts and forward convention booking pace is showing growth in 2013 and is further accelerating into 2014.”
Revenue has risen the past four quarters. Revenue increased 28.7% to $2.32 billion in the second quarter. The figure rose 52% in the first quarter from the year earlier and climbed 56.6% in the fourth quarter of the last fiscal year from the year-ago quarter.
The company fell short of forecasts after beating estimates in the previous two quarters. In the second quarter, it topped the mark by 2 cents, and in the first quarter, it was ahead by 7 cents.
Looking Forward: For the next quarter, analysts are increasingly pessimistic about the company’s performance. The average estimates for the fourth quarter is at a loss of 16 cents per share, down from 15 cents ninety days ago. In the past thirty days, the average estimate for the fiscal year has reached a loss of 50 cents per share, up from a loss of 52 cents.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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