MGM Earnings Beat For Third Straight Quarter

MGM Resorts International MGM delivered better than expected earnings for the third quarter. Similarly, revenue also came in above estimates.

• Reports EPS of $0.93, including $0.60 gain. Excluding gain, EPS is $0.33, beats by $0.22.
• Delivers revenue of $2.515 billion, tops $0.135 billion.
• Occupancy percentage improved from 96 percent to 97 percent.
• Average Daily Rate improved from $141 to $154.
• REVPAR increased from $135 to $149.
• Expects to achieve Las Vegas Strip REVPAR growth of 3 percent in the fourth quarter.

MGM’s Chairman and CEO Jim Murren commented, "We have executed on numerous opportunities this year, strengthening our organization, improving our balance sheet, and positioning the Company for growth. The complexity and scale of our organizational transformation is unprecedented in our industry and has manifested itself into our superior operating performance. Looking ahead, we remain focused on organic growth through a stronger, reinvigorated Company driven by our culture of continuous improvement and are committed to expanding our distinguished brand with the opening of MGM National Harbor and the Park Theater in Las Vegas next month."

Following this, the stock advanced 4.32 percent to $27.55 in the pre-market session.