MGM Resorts International Third Quarter Earnings Report

LAS VEGAS – MGM Resorts International (NYSE:MGM) reported third quarter earnings that fell short of analyst expectations, resulting in a 4% drop in shares during after-hours trading on Monday.

The casino and hospitality giant posted adjusted earnings per share of $0.54, missing the consensus estimate of $0.56. Revenue reached $4.18 billion, below analyst projections of $4.21 billion.

Despite the miss, MGM achieved record consolidated net revenues for the quarter, fueled by strong performance at its MGM China (OTC:MCHVY) operations. The company's Las Vegas Strip properties experienced sequential improvement throughout the period.

> "We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China," said Bill Hornbuckle, CEO and President of MGM Resorts International. "In Las Vegas, we drove sequential improvement throughout the quarter, and many key metrics are demonstrating strength including growth in ADR and occupancy."

MGM China net revenues surged 14% YoY to $929 million, benefiting from the recovery following COVID-19 restrictions. Las Vegas Strip Resorts revenue edged up 1% to $2.1 billion.

The company continued its share repurchase program, buying back over $300 million worth of stock during the quarter. Year-to-date, MGM has repurchased approximately $1.3 billion of shares.

Looking ahead, management expressed optimism about long-term growth prospects, highlighting opportunities in Japan, New York, and the digital gaming space.

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