MGM (MGM) Reports In-Line Q3 EPS

MGM (NYSE: MGM) reported Q3 EPS of $0.06, ex-items, in-line with the analyst estimate of $0.06. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.49 billion.

"Our consolidated net revenues increased by 1% and EBITDA increased by 2% during the quarter. In Las Vegas, the market continues to improve as our top line revenues grew 3%. While we expected to have some negative impact to margins during the quarter as a result of the disruptions related to our investments in Delano at Mandalay Bay and the Strip frontage at Monte Carlo, we were also negatively affected by lower year over year table games hold and an increase in certain expenses. Looking forward, we remain highly focused on increasing revenues and expanding margins while driving operating leverage in an improving market," said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International, "MGM China reported a 12% increase in EBITDA to $214 million and margin expansion of 330 basis points despite a difficult market. The construction of MGM Cotai is progressing well and is on time, and on budget, for a fall 2016 opening."

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