MGM: 4Q Earnings Snapshot

·1 min read

LAS VEGAS (AP) _ MGM Resorts International (MGM) on Wednesday reported a fourth-quarter loss of $447.6 million, after reporting a profit in the same period a year earlier.

The Las Vegas-based company said it had a loss of 92 cents per share. Losses, adjusted for non-recurring costs and restructuring costs, came to 90 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 96 cents per share.

The casino and resort operator posted revenue of $1.49 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.47 billion.

For the year, the company reported a loss of $1.03 billion, or $2.02 per share, swinging to a loss in the period. Revenue was reported as $5.16 billion.

MGM shares have risen 16% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $36.47, an increase of 14% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGM at https://www.zacks.com/ap/MGM