MGM Resorts International posts strong Q3 earnings, surpassing expectations

MGM Resorts (NYSE:) International, a Las Vegas-based casino and resort operator, has reported a significant rebound in its Q3 earnings, marking a recovery from the losses incurred in the previous year. The company unveiled its Q3 financial highlights on Nov 08, 2023, revealing earnings of $161.12 million, a substantial improvement from a loss of $576.83 million in Q3 2022.

The Earnings Per Share (EPS) for the company rose to $0.64, up from -$1.45 in the same quarter last year. This represented a surprise increase of 16.36% over expectations. After adjusting for certain items, MGM’s adjusted earnings matched this figure, surpassing both Wall Street and RTTNews.com analysts’ forecasts of an average $0.55 and $0.49 per share respectively.

Revenue for MGM Resorts also saw a rise this quarter, reaching $3.97 billion, an increase from $3.42 billion in Q3 2022 and a 16.3% YoY growth. This exceeded 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 (OTC:) ($812.53 million, +828.8% YoY), Total Regional Operations ($924.96 million, -5% YoY), Rooms ($827.09 million), Food and Beverage ($698.26 million), and Casino ($2.05 billion, +45.7% YoY). Notably, key metrics for Las Vegas Strip Resorts were below estimates, including Slots Handle ($5,698) and Table Games Win ($405). However, Total Revenue exceeded expectations at $2.11 billion (-8.5% YoY).

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