MGM Resorts Misses Quarterly Estimates on Sluggish Las Vegas Business
Reuters10-31
Oct 30 (Reuters) - MGM Resorts International missed market expectations for third-quarter profit and revenue on Wednesday, hurt by weak sales in its Las Vegas casino business, sending its shares down about 6% in overnight trading.
Quarterly revenue from its Las Vegas casino operations fell 13% to $476 million, while winnings from table games in the business came in at $328 million, down 19% from a year ago.
The company's total revenue for the quarter of $4.18 billion came in below analysts' average estimate of $4.21 billion, as per LSEG-compiled data.
MGM posted adjusted quarterly earnings per share of 54 cents, compared with analysts' estimates of 61 cents, according to data compiled by LSEG.
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