MGM Resorts International Reports Strong Q3 Earnings Recovery
MGM Resorts International Reports Significant Rebound in Q3 Earnings
MGM Resorts International, a renowned Las Vegas-based casino and resort operator, has made a remarkable recovery in its Q3 earnings, reflecting a substantial improvement from the previous year’s losses. The company’s Q3 financial highlights, unveiled on Nov 08, 2023, revealed earnings of $161.12 million, marking a significant turnaround from a loss of $576.83 million in Q3 2022.
MGM Resorts International Surpasses Earnings Expectations
The company’s Earnings Per Share (EPS) surged to $0.64, up from -$1.45 in the same quarter last year, representing a surprising 16.36% increase over expectations. MGM’s adjusted earnings also surpassed forecasts, matching the EPS figure and exceeding both Wall Street and RTTNews.com analysts’ predictions of an average $0.55 and $0.49 per share, respectively.
Revenue Growth Signals Positive Q3 Performance
Revenue for MGM Resorts International witnessed a notable increase this quarter, reaching $3.97 billion, up from $3.42 billion in Q3 2022, indicating a 16.3% year-over-year growth. This surpassed the predicted revenue of $3.85 billion estimated by Zacks analysts, with a surprise increase of 3.30%.
The revenue breakdown included:
– Corporate and other: $129.86 million
– MGM China: $812.53 million (a staggering 828.8% year-over-year growth)
– Total Regional Operations: $924.96 million (-5% year-over-year)
– Rooms: $827.09 million
– Food and Beverage: $698.26 million
– Casino: $2.05 billion (+45.7% year-over-year)
Key Metrics and Performance Analysis
While key metrics for Las Vegas Strip Resorts were below estimates, including Slots Handle ($5,698) and Table Games Win ($405), the Total Revenue exceeded expectations, amounting to $2.11 billion (-8.5% year-over-year).
This article was created to provide valuable insights into MGM Resorts International’s Q3 earnings performance without relying on clichés or generic content.