Market Overview

Recap: MGM Resorts Intl Q3 Earnings

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Shares of MGM Resorts Intl (NYSE:MGM) moved higher by 4.88% in after-market trading after the company reported Q3 results.

Quarterly Results

Earnings per share were down 448.39% year over year to ($1.08), which missed the estimate of ($1.01).

Revenue of $1,126,000,000 decreased by 66.02% year over year, which missed the estimate of $1,230,000,000.

Outlook

Earnings guidance hasn't been issued by the company for now.

Revenue guidance hasn't been issued by the company for now.

Technicals

52-week high: $34.63

52-week low: $5.90

Price action over last quarter: Up 27.47%

Company Overview

MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Mirage, Luxor, New York-New York, and a 50% ownership stake in CityCenter. The Strip constituted approximately 47% of total EBITDAR in 2019. We estimate MGM will open a resort in Japan in 2026. The company also operates the 56%-owned MGM Macau casinos with a new property that opened on the Cotai Strip in early 2018.

 

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Posted-In: Earnings