Copyright Benzinga
Casino and sports betting company MGM Resorts International (NYSE:MGM) reported third-quarter financial results after market close Wednesday. Here are the key highlights. Q3 Results: MGM Resorts reported third-quarter revenue of $4.25 billion, up 2% year-over-year. The revenue beat a Street consensus estimate of $4.23 billion according to data from Benzinga Pro. The company reported adjusted earnings per share of 24 cents, missing a Street consensus estimate of 40 cents per share. Segment revenue was as follows: Las Vegas: $2.0 billion, -7% year-over-year Regional Operations: $957 million, slightly up from $952 million MGM China: $1.1 billion, +17% year-over-year MGM Digital: $174 million, +23% year-over-year In the quarter, MGM China had record third-quarter segment adjusted EBITDA and market share of 15.5%. The company's BetMGM joint venture reported strong revenue growth and EBITDA growth in the quarter. The Las Vegas segment was impacted by a hotel room remodel and saw a decrease in RevPAR. "MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China," MGM Resorts CEO Bill Hornbuckle said. MGM Resorts Chief Financial Officer Jonathan Halkyard said there are "encouraging signs of Stability in Las Vegas." Read Also: Demystifying MGM Resorts International: Insights From 11 Analyst Reviews What's Next: The company said its BetMGM joint venture increased its full year guidance for a second straight quarter. A cash distribution from BetMGM will be paid out to the company in the fourth quarter. The company said the initial cash distribution to MGM Resorts from the BetMGM joint venture is expected to be at least $100 million. MGM Price Action: MGM stock is down 8.3% to $28.62 in after-hours trading on Wednesday, versus a 52-week trading range of $25.30 to $42.07. Read Next: DraftKings Vs. Kalshi Vs. Polymarket: Q3 Results, Guidance To Show Who’s Leading NFL Betting Market Photo: Shutterstock
