Overview

* MGM Resorts ( MGM ) Q3 revenue grows 2% yr/yr, beating analyst expectations

* Adjusted EPS for Q3 misses analyst expectations

* Company reports net loss of $285 mln due to goodwill impairment

Outlook

* BetMGM North American venture raises FY2025 guidance, expects cash distribution to MGM by year-end

* MGM Resorts ( MGM ) sees stability in Las Vegas with return of group conventions

Result Drivers

* MGM CHINA PERFORMANCE - Record 3Q Segment Adjusted EBITDAR and increased market share driven by main floor table games drop

* BETMGM GROWTH - Strong revenue and EBITDA growth in BetMGM North America

* STRATEGIC SALE - Sale of MGM Northfield Park operations for $546 mln aligns with strategic focus on premium resort operations

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $4.3 bln $4.23

Revenue bln (18

Analysts

)

Q3 Miss $0.24 $0.39

Adjusted (12

EPS Analysts

)

Q3 EPS -$1.05

Q3 Net -$285

Income mln

Q3 Miss $506 mln $1.09

Adjusted bln (15

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the casinos & gaming peer group is "buy"

* Wall Street's median 12-month price target for MGM Resorts International ( MGM ) is $46.73, about 31.6% above its October 28 closing price of $31.95

* The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 14 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)