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MGM Resorts Q3 revenue dips

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted EPS

-$0.11

Q3 Loss Per Share

$0.07

Q3 Net Loss

$17 mln

*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


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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