MGM Resorts Shares Up 4% After Hours on 4Q Revenue, $2B Share Buyback Program

Dow Jones2023-02-09

Shares of MGM Resorts International increased 4% to $43.24 in after-hours trading on Wednesday after the casino operator logged better-than-expected revenue for the fourth quarter and set a $2 billion share repurchase program.

The company said late Wednesday that consolidated net revenues increased 18% to $3.6 billion on improved business volumes and travel activity in Las Vegas and its regional operations. Analysts polled by FactSet expected $3.35 billion.

The current quarter also benefited from the acquisition of The Cosmopolitan of Las Vegas.

Earnings per share were 69 cents, compared with 23 cents the year prior. On an adjusted basis, the company reported a loss of $1.53 per share. Analysts expected a loss of $1.45.

MGM also set a $2 billion share repurchase program and said it will suspend ongoing regular dividends.

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