MGM Resorts International Earnings: 10 Q3 Highlights

MGM Resorts International (NYSE:MGM) has released its earnings report for the third quarter of 2017.

MGM Resorts International Earnings: 10 Q3 Highlights

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Here are a few highlights from MGM’s recent earnings report.

  • Earnings per share for the quarter came in at 33 cents.
  • This is down from earnings per share of 93 cents in the same quarter of 2016.
  • Wall Street was looking for earnings per share of 34 cents in the third quarter of the year.
  • Revenue reported by MGM Resorts International in the third quarter was $2.82 billion.
  • This is an increase over revenue of $2.52 billion from the same time last year.
  • It also came in above analysts’ revenue estimate of $2.76 billion for the quarter.
  • MGM reported net income of $149.12 million in the third quarter of 2017.
  • Net income from the same period of the year prior was $535.62 million.
  • Operating income for the quarter was $493.86 million.
  • This is down from MGM Resorts International’s operating income of $712.76 million in the third quarter of 2016.

MGM Resorts International also announced a dividend of 11 cents per share for shareholders. This dividend will be payable to holders of MGM stock on Dec. 15, 2017. Investors must be on record as of Dec. 11, 2017 to receive the dividend.

“As a result of the October 1st incident, our business in Las Vegas will be impacted in the near term primarily due to a short-lived uptick in cancellations and a temporary suspension of marketing efforts,” Jim Murren, Chairman & CEO of MGM Resorts International, said in a statement. “Since restarting such efforts, our booking pace has largely rebounded to normal levels.”

MGM stock was up 3% as of noon Wednesday and is up 13% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.

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