By Sabela Ojea
MGM Resorts International logged lower revenue in the fourth quarter, offset by a record performance from its casino business in China. MGM said it is in a position where it is benefiting from strong demand this year.
The Las Vegas-based hotel and casino operator on Wednesday posted a net profit of $157.4 million, or 52 cents a share, compared with $313.5 million, or 92 cents a share, for the same period a year earlier.
Stripping out one-time items, the company's earnings per share came in at 45 cents. Analysts polled by FactSet had forecast adjusted earnings of 32 cents a share.
Revenue fell 1% to $4.35 billion, but beat the $4.27 billion expected by Wall Street. The company logged revenue of $1 billion in MGM China, up 4% from a year earlier.
"December was our highest convention booking month on record, and in January we saw revenue growth in our Las Vegas Strip Resorts and Regional Operations as well as strong future bookings," Chief Executive Bill Hornbuckle said.
Overall in the quarter, MGM saw casino revenue rise slightly to $2.21 billion, and revenue from its rooms segment drop 6.7%. Meanwhile, its food and beverage and entertainment and retail units recorded growth in the period.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 12, 2025 16:50 ET (21:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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