MGM Resorts (MGM) Tops Q1 EPS by 9c

MGM Resorts (NYSE: MGM) reported Q1 EPS of $0.38, $0.09 better than the analyst estimate of $0.29. Revenue for the quarter came in at $2.82 billion versus the consensus estimate of $2.82 billion.

Key first quarter results for MGM China include:

• Net revenues of $596 million, a 25% increase compared to the prior year quarter. The current quarter benefited from the opening of MGM Cotai on February 13, 2018, which contributed $85 million of net revenues;
• Main floor table games win increased 20% compared to the prior year quarter due to the opening of MGM Cotai;
• VIP table games win increased 26% compared to the prior year quarter due primarily to a 24% increase in turnover at MGM Macau;
• Operating income was $55 million compared to $75 million in the prior year quarter;
• Adjusted Property EBITDA increased 5% to $152 million compared to $145 million in the prior year quarter, due primarily to the opening of MGM Cotai. The current quarter included $10 million of license fee expense compared to $9 million in the prior year quarter; and
• Operating margin was 9.2% in the current year quarter, and Adjusted Property EBITDA margin was 25.5% in the current quarter compared to 30.5% in the prior year quarter.

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

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