MGM Resorts Narrows Q3 Net Loss to $17.1 Million as Revenue Slips 1%

MGM Resorts International (MGM) on Wednesday reported a narrower third-quarter net loss of $17.1 million, or $0.07 per share, compared with a loss of $285.3 million, or $1.05 per share, a year earlier. Revenue fell 1% to $4.21 billion from $4.25 billion. Adjusted earnings per share were a loss of $0.11, versus earnings of $0.24 in the prior-year quarter. Las Vegas Strip Resorts revenue declined 2% to $1.95 billion, with Segment Adjusted EBITDAR down 12% to $531 million on lower room rates. Regional Operations revenue dropped 8% to $883 million, though same-store revenue rose 1%. MGM China revenue rose 5% to $1.14 billion, with quarterly market share hitting a record 17.1%; Segment Adjusted EBITDAR fell 7% to $264 million. MGM Digital revenue increased 6% to $184 million, and its Segment Adjusted EBITDAR loss narrowed to $4 million from $23 million.