MGM Resorts Earnings Cheat Sheet: Las Vegas Recovery Delivers Positive Results
MGM Resorts International (NASDAQ:MGM) reported its results for the first quarter. MGM Resorts International is a holding company, which through its wholly-owned subsidiaries, owns and/or operates casino resorts.
MGM Resorts International Earnings Cheat Sheet for the First Quarter
Results: The company’s loss shrank to $89.9 million (18 cents/share) vs. a loss of $96.7 million or 22 cents per share a year earlier.
Revenue: Rose 3.3% to $1.5 billion.
Actual vs. Wall St. Expectations: MGM reported adjusted net loss of 16 cents per share. By this measure, the company beat the mean analyst estimate of a loss of 19 cents/share. Estimates ranged from a loss of 13 cents per share to a loss of 27 cents per share.
Quoting Management: “Our improved results are broadly based throughout our resort portfolio. Performance at our Las Vegas properties was driven by increased hotel occupancy and room rates. MGM Grand Detroit had another impressive quarter and remains the market leader. Results from joint ventures reflected record quarters at both MGM Macau and CityCenter,” said Jim Murren, MGM Resorts International Chairman and CEO. “Our belief that the Las Vegas recovery is underway is supported by our first quarter operating results and our positive early second quarter trends.”
Competitors to Watch: Las Vegas Sands Corp. (NYSE:LVS), Wynn Resorts, Limited (NASDAQ:WYNN), Melco Crown Entertainment Ltd (NASDAQ:MPEL), Boyd Gaming Corporation (NYSE:BYD), Trans World Corporation (TWOC), Century Casinos, Inc. (NASDAQ:CNTY), Riviera Holdings Corp. (RVHLQ), Archon Corporation (ARHND), Ameristar Casinos, Inc. (NASDAQ:ASCA), and Monarch Casino & Resort, Inc. (NASDAQ:MCRI)
Stock Performance: Shares of MGM are trading at $13.68 as of May 4, 2011 at 10:14 AM ET, up over 6% from the previous closing price of $12.89.