MGM Resorts Reduces Loss
LAS VEGAS (AP) — MGM Resorts International’s fourth-quarter loss narrowed, helped by reduced expenses.
The casino operator lost $38.3 million, or 8 cents per share, for the period ended December 31. That compares with a loss of $1.22 billion, or $2.50 per share, a year ago.
Analysts, whose estimates typically exclude one-time items, predicted a loss of a penny per share.
Expenses declined to $2.2 billion from $2.72 billion.
Revenue rose 10 percent to $2.51 billion from $2.29 billion. Casino revenue climbed, as did revenue for rooms, food and beverages and entertainment.
Wall Street forecast revenue of $2.47 billion.
MGM China’s board also announced a $500 million special dividend on Wednesday.
Shares of MGM Resorts shed 20 cents to $25.65 in premarket trading 45 minutes ahead of the market opening.
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