MGM can't wait to invade Massachusetts - always new markets are required to create new Gambling Addicts to feed the excessive debt created by the Predators....yet....
MGM Resorts International reports $181.2 million third-quarter loss
By Chris Sieroty
LAS VEGAS REVIEW-JOURNAL
LAS VEGAS REVIEW-JOURNAL
Posted: Oct. 31, 2012
Casino operator MGM Resorts International on Wednesday reported its loss for the third quarter widened amid a smaller tax benefit than the year-earlier period, though the gaming company posted improved revenue, led by its business in China.
MGM Resorts reported a tax benefit of $2.6 million for the third quarter, a significant decrease from the previous-year number of $79.7 million.
The Las Vegas-based company lost $181.2 million, or 37 cents per share, compared with a loss of $123.8 million, or 25 cents, for the same period last year.
Revenue rose 1 percent to $2.25 billion from the year-earlier quarter. The company attributed the increase to a 7 percent rise in sales at its Chinese subsidiary, MGM China in Macau.
Of the $2.3 billion, $1.5 billion was generated by MGM Resorts' wholly owned domestic resorts, a decline of 2 percent. Casino revenue, the largest contributor to earnings, was up 4.2 percent.
MGM Resorts' revenues have improved over the last few years, driven by steady growth in Macau and improved figures from its Las Vegas hotels and casinos after a share downturn during the recession.
"Our third-quarter operating results are reflective of a challenging consumer environment, but we had some bright sports with strong results from MGM Grand Las Vegas and The Mirage and record third quarters from MGM China and City Center," said Jim Murren, chairman and CEO of MGM Resorts.
Murren noted that 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."
The company fell short of forecasts for the third quarter after beating estimates in the previous two quarters. In the second quarter, MGM Resorts topped estimates by 2 cents, and in the first quarter, it was 7 cents ahead of expectations.
Analysts polled by Yahoo Finance expected earnings equal to a loss of 17 cents a share on revenue of $2.28 billion.
MGM Resorts, which owns a dozen casinos on the Strip and others cross the country, reported revenue at U.S. casinos increased 2 percent. However, room revenue was off by 3 percent as Strip revenue per available room declined 2 percent as the occupancy rate fell to 92 percent from 95 percent.
The company's half-owned CityCenter complex continued to improve its performance. It posted adjusted EBITDA from operations of $59 million, up 18 percent, according to the company's earnings report.
EBITDA is a profitability measure, meaning earnings before interest, taxes, depreciation, and amortization.
Murren told analysts in a conference call Thursday that CityCenter "continues to show progress," as the company continues to "see an indication of a recovery in Las Vegas."
He said the "MGM Grand had its best quarter in two years, while The Mirage had its best quarter in the last three years."
http://www.lvrj.com/business/mgm-resorts-international-reports-third-quarter-loss-widens-176586011.html
MGM Resorts reported a tax benefit of $2.6 million for the third quarter, a significant decrease from the previous-year number of $79.7 million.
The Las Vegas-based company lost $181.2 million, or 37 cents per share, compared with a loss of $123.8 million, or 25 cents, for the same period last year.
Revenue rose 1 percent to $2.25 billion from the year-earlier quarter. The company attributed the increase to a 7 percent rise in sales at its Chinese subsidiary, MGM China in Macau.
Of the $2.3 billion, $1.5 billion was generated by MGM Resorts' wholly owned domestic resorts, a decline of 2 percent. Casino revenue, the largest contributor to earnings, was up 4.2 percent.
MGM Resorts' revenues have improved over the last few years, driven by steady growth in Macau and improved figures from its Las Vegas hotels and casinos after a share downturn during the recession.
"Our third-quarter operating results are reflective of a challenging consumer environment, but we had some bright sports with strong results from MGM Grand Las Vegas and The Mirage and record third quarters from MGM China and City Center," said Jim Murren, chairman and CEO of MGM Resorts.
Murren noted that 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."
The company fell short of forecasts for the third quarter after beating estimates in the previous two quarters. In the second quarter, MGM Resorts topped estimates by 2 cents, and in the first quarter, it was 7 cents ahead of expectations.
Analysts polled by Yahoo Finance expected earnings equal to a loss of 17 cents a share on revenue of $2.28 billion.
MGM Resorts, which owns a dozen casinos on the Strip and others cross the country, reported revenue at U.S. casinos increased 2 percent. However, room revenue was off by 3 percent as Strip revenue per available room declined 2 percent as the occupancy rate fell to 92 percent from 95 percent.
The company's half-owned CityCenter complex continued to improve its performance. It posted adjusted EBITDA from operations of $59 million, up 18 percent, according to the company's earnings report.
EBITDA is a profitability measure, meaning earnings before interest, taxes, depreciation, and amortization.
Murren told analysts in a conference call Thursday that CityCenter "continues to show progress," as the company continues to "see an indication of a recovery in Las Vegas."
He said the "MGM Grand had its best quarter in two years, while The Mirage had its best quarter in the last three years."
http://www.lvrj.com/business/mgm-resorts-international-reports-third-quarter-loss-widens-176586011.html
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