MGM Resorts International (NYSE:MGM) stock was down on Thursday on the release of its earnings report for the fourth quarter of 2016.
MGM Resorts International reported earnings per share of 4 cents for the fourth quarter of 2016. This is an increase over the company’s losses per share of $1.38 in the fourth quarter of 2015. However, it was unable to match the earnings per share estimate of 20 cents that Wall Street was looking for in the quarter.
Revenue reported by MGM Resorts International in the fourth quarter of the year was $2.69 billion. This is an increase over the $2.38 billion in revenue that was reported during the same time last year. It also came in above analysts’ revenue estimate of $2.46 billion for the fourth quarter of 2016.
MGM Resorts International reported net income of $24.67 million in the fourth quarter of 2016. The casino resorts operator reported a net loss of $781.45 million during the same period of the year prior.
MGM Resorts International notes that its domestic resorts were hit with a lower number of convention room nights in the fourth quarter of 2016. It attributes this to the October holiday calendar shift and a change in rotation and timing for certain conventions.
MGM Resorts International has also announced that it will be paying a dividend of 11 cents per share to investors. This dividend will be payable on March 15, 2017 to shareholders on record as of March 10, 2017.
“We continue to invest in our business and remain encouraged by the opportunities we see in 2017,” Jim Murren, Chairman & CEO of MGM Resorts International, said in a statement. “We expect to achieve Las Vegas Strip REVPAR growth of 7% in the first quarter of 2017.”
MGM stock was down 8% as of noon Thursday.