MGM Resorts International MGM shares are trading lower by 7.33% to $32.54 Thursday morning after the company reported mixed third-quarter earnings results.
MGM reported adjusted quarterly losses of $1.39 per share, which may not compare to the analyst consensus estimate of earnings of 17 cents. The company also reported quarterly sales of $3.40 billion, which beat the analyst consensus estimate of $3.22 billion by 6%. This is a 26% increase over sales of $2.71 billion in the same period last year.
“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 Bill Hornbuckle, Chief Executive Officer and President of MGM.
“We achieved several key milestones during the quarter, including closing on the acquisition of LeoVegas and submitting our tender for a new gaming concession to the Macau SAR government. Our outlook remains promising, with continued progress in our operations with BetMGM and development initiatives in New York and Japan, as well as strong bookings into 2023 in our domestic operations. We remain focused on achieving our vision to be the world’s premier gaming entertainment company.”
According to data from Benzinga Pro, MGM has a 52-week high of $51.17 and a 52-week low of $26.41.