UPDATE: MGM Resorts (MGM) Reports Q2 EPS of 36c

MGM Resorts (NYSE: MGM) reported Q2 EPS of $0.36, may not compare to the analyst estimate of $0.30. Revenue for the quarter came in at $2.64 billion versus the consensus estimate of $2.67 billion.

• Diluted earnings per share for the second quarter of 2017 of $0.36, including a benefit of $0.04 related to a Borgata property tax settlement and a benefit of $0.05 from a modification of the 2016 NV Energy exit fee

"MGM Resorts continues to drive profitability and operational efficiency, as the Company produced diluted earnings per share of $0.36 in the second quarter and our domestic resorts exhibited Adjusted Property EBITDA and margin growth on a same-store basis. CityCenter reported another quarter of exceptional results driven by Aria. Our results benefited from the addition of MGM National Harbor and Borgata, which continue to lead their respective markets. In Macau, we are excited to bring world-class entertainment and diversified attractions to the marketplace with the opening of MGM Cotai in the fourth quarter," said Jim Murren, Chairman & CEO of MGM Resorts. "We remain squarely on our path to generate the best possible cash flow performance and return value to our shareholders. This quarter's results clearly demonstrate that."

Key second quarter results for MGM China include:

• Net revenues of $449 million, a 1% decrease compared to the prior year quarter;
• Main floor table games revenue decreased 2% compared to the prior year quarter due to an 8% decrease in volume partially offset by an increase in hold percentage to 19.3% in the current year quarter, from 18.2% in the prior year quarter, and against 22.2% hold percentage in the first quarter of 2017;
• VIP table games revenue increased 1% compared to the prior year quarter due to a 3% increase in turnover partially offset by a decrease in hold percentage to 2.9% in the current year quarter, from 3.1% in the prior year quarter, and against 3.4% hold percentage in the first quarter of 2017;
• Operating income was $43 million compared to $51 million in the prior year quarter;
• Adjusted EBITDA decreased 2% to $116 million, compared to $119 million in the prior year quarter, including $8 million of license fee expense in both the current and prior year quarters; and
• Operating margin was 9.6% in the current year quarter, and Adjusted EBITDA margin was 25.9% compared to 26.4% in the prior year quarter.

For earnings history and earnings-related data on MGM Resorts (MGM) click here.

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