MGM Resorts reports earnings of $149.1M in third quarter

Nov 9, 2017 8:51 AM

MGM Resorts International has now reported its results for the third quarter. MGM noted that post-shooting cancellations have largely ended and bookings are near "normal levels."

The Oct. 1st mass shootings on the Las Vegas Strip fell just outside the reporting period.

In the third quarter that ended Sept. 30th, the company reported earnings of $149.1 million, 26 cents a share, on revenue of $2.82 billion compared with earnings of $535.6 million, 93 cents a share, on revenue of $2.52 billion in the same quarter a year earlier.

 "As a result of the October 1 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," CEO Jim Murren said. "Since restarting such efforts, our booking pace has largely rebounded to normal levels. We are also making significant progress on the transformation of Monte Carlo to Park MGM, and as expected, will continue to experience disruption at the property. As a result, in the fourth quarter, we expect our Las Vegas Strip revenue to decrease by a low to mid-single digit percentage, with non-hotel elements partially offsetting a 5%-7% (revenue per available room) decline."

Also, last month, MGM China Holdings said it would delay the opening of its new casino on the Cotai strip section of Macau to early next year from the second half of 2017 due to damage from Typhoon Hato in August.