MGM Stock Slumps as Earnings Miss Estimates | MGM Message Board Posts


MGM   /  Message Board  /  Read Message

 

 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board
Msg  54 of 55  at  11/2/2022 9:40:46 PM  by

jerrykrause


MGM Stock Slumps as Earnings Miss Estimates

 

MGM Stock Slumps as Earnings Miss Estimates

 

MGM Resorts International stock was slumping after the casino operator reported a surprise loss .

MGM (ticker: MGM) reported an adjusted loss of $1.39 a share , down from 3 cents during the same quarter one year ago and below analyst forecasts for a 26-cent profit. Revenue rose to $3.4 billion, from $2.7 billion during the same quarter in 2021 and above Wall Street expectations for $3.2 billion.

The loss looks to have been the result of a "$1.2 billion increase in noncash amortization expense relating to a change in the useful life of the MGM Grand Paradise gaming subconcession as a result of new Macau gaming laws and related changes and due to the $2.3 billion gain on consolidation of CityCenter, net in the prior year quarter," resulting in an operating loss of $1 billion.

The company, however, highlighted its performance in Las Vegas, where net revenue hit $2.3 billion, a record, while same-store net revenue, which removes sales from recent acquisitions, rose to $1.6 billion, from $1.4 billion the year before.

"We're proud to report the best quarter in our Las Vegas Strip history, both on a revenue and Adjusted Property EBITDAR basis, driven by the continued appeal of our entertainment and meetings offerings," said MGM CEO Bill Hornbuckle.

The stock market isn't thrilled with the numbers, however. MGM stock has fallen 6% to $32.99 at 4:57 p.m. in after-hours trading.

MGM was a Barron's stock pick in January . It's dropped 21% since then, underperforming the S&P 500 by 1.5%.

 


     e-mail to a friend      printer-friendly     add to library      
|  
Recs: 0  
   Views: 0 []
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board




Financial Market Data provided by
.
Loading...