MGM Resorts Q3 revenue dips

Overview

• US casino operator's Q3 revenue fell 1% yr/yr

• Company says lower Las Vegas room rates weighed on Q3 results

Outlook

• Company highlights digital portfolio and international expansion as key long-term growth drivers

Result Drivers

• MGM CHINA GROWTH - MGM China delivered record quarterly revenue and increased market share, helping offset declines elsewhere

• DIGITAL BUSINESS - Digital segment, including BetMGM and MGM Digital, saw revenue growth and reduced losses

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 11 "strong buy" or "buy", 12 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the casinos & gaming peer group is "buy."

• Wall Street's median 12-month price target for MGM Resorts International is $43.50, about 55.4% above its October 27 closing price of $27.99

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 24 three months ago

Reuters Recommended Reads

• Oct 28 - MGM Resorts amends voting agreement after People Inc withdraws takeover proposal

• Oct 27 - Caesars Q3 revenue misses estimates despite regional growth

• Oct 27 - Monarch Casino Q3 revenue misses estimates despite higher casino sales

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)