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MGM Resorts International

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MGM Resorts posted first-quarter adjusted loss of $0.16 per share, beat the Zacks Consensus Estimate of $0.13 by 23.1%. Earnings, however, declined 38.5% from the year-ago quarter. While total revenue missed the consensus mark by 4.4%, it fell 5.2% year over year due to a significant decline in revenues from MGM China. Gambling revenues in Macau were sluggish throughout the first quarter as high-stake gamblers are curtailing spending amid a cooling Chinese economy. The region has also struggled due to the anti-graft corruption drive, which lowered footfall at the casinos.  However, the company’s strong portfolio and focus on non-gaming activities are offsetting the negative impact to some extent. Further, the Las Vegas economy improving and tourism in the region perking up, the company’s properties are expected to garner higher revenues.


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