MGM Resorts International (NYSE:MGM) stock was up on Monday following the release of its earnings report for the third quarter of 2016.
MGM Resorts International reported earnings per share of 58 cents for the third quarter of 2016. This is an increase over the earnings per share of 12 cents from the same time last year. It also came in above the earnings per share of 11 cents that Wall Street was looking for.
MGM Resorts International said that it received a large boost to its earnings per share for the third quarter of 2016 due to the acquisition of Borgata. It claims this added 60 cents to its earnings per share. It also said the NV Energy exit added a charge of 20 cents to its earnings per share for the quarter.
MGM Resorts International’s revenue for the third quarter of 2016 was $2.52 billion. Revenue reported by the casino company in the third quarter of 2015 was $2.28 billion. Analysts were expecting the company to report revenue of $2.38 billion for the quarter.
MGM Resorts International said that room revenue for the third quarter of 2016 was up 14% from the same time in the year prior. Casino revenue for the third quarter of 2016 was up 23% when compared to the third quarter of 2015.
“MGM Resorts produced a tremendously strong quarter, delivering the best net revenues and Adjusted Property EBITDA at our domestic resorts since 2007,” Jim Murren, Chairman & CEO of MGM Resorts International, said in a statement. “We have executed on numerous opportunities this year, strengthening our organization, improving our balance sheet, and positioning the Company for growth.”
MGM stock was up 3% as of Noon Monday.
