\nHoward Stutz, Las Vegas Review-Journal
\n\tMGM Resorts International\u2019s single casino in Macau has carried in the company in recent quarterly reporting periods.<\/p>\n
\tBut not for the three-month reporting period that ended June 30.<\/p>\n
\tBacked by healthy gains from 10 Strip developments, MGM Resorts reversed a second-quarter net loss, the company said Tuesday.<\/p>\n
\tThe casino giant \u2014 whose Strip holdings include Bellagio, MGM Grand, The Mirage, Mandalay Bay and the CityCenter complex \u2014 said its net income for the quarter was $105.5 million, or 21 cents a share. A year ago, the company lost $92.9 million, or 19 cents a share.<\/p>\n
\tThe second quarter included $29 million in investment write-down charges. A year earlier, the company\u2019s quarter included $82 million in write-downs.<\/p>\n
\tAnalysts polled by Thomson Reuters expected MGM Resorts to report a profit of 10 cents per share in the quarter.<\/p>\n
\tMGM Resorts said its net revenue grew 4 percent to $2.6 billion.<\/p>\n
\tRevenue at the company\u2019s Strip resorts grew 7.7 percent to $1.345 billion. Meanwhile, MGM Macau experienced a revenue decline of 0.9 percent to $827.9 million.<\/p>\n
\tIn a statement, MGM Resorts Chairman and CEO Jim Murren said credited a 12 percent increase in cash flow from the company\u2019s hotel-casinos in Las Vegas, including marked jumps in both casino revenue and hotel revenue.<\/p>\n
\t\u201cCityCenter resort operations continue to improve while in Macau we grew cash flow and margins due to a higher contribution of revenues from our main floor business,\u201d Murren said in a statement. \u201cThese results clearly reflect the success of our investments and strategies in our existing properties.\u201d<\/p>\n
\tAt CityCenter, which the company manages and retains a 50 percent ownership, net revenue from resort operations increased by 9 percent to $304 million.<\/p>\n
\t\u201cLas Vegas continues to trend in the right direction,\u201d Credit Suisse gaming analyst Joel Simkins said. \u201cWith a fresh asset base and a number of key amenities MGM remains positioned to capitalize on increased demand in 2014.\u201d<\/p>\n
\tOn the Strip, MGM Resorts said its revenue per available room, a non-traditional reporting metric, increased 6 percent.<\/p>\n
\tOn a conference call with analysts, Murren was bullish about the company Strip prospects. The redevelopment of the TheHotel into the Delano Las Vegas is expected to be completed in October, which Murren said would bring \u201chigher-quality, higher-margin customers\u201d to the property.<\/p>\n
\tMGM Resorts is also planning to renovate the hotel room at Mandalay Bay and is adding 300,000 square feet of convention space to the property.<\/p>\n
\t\u201cIt\u2019s a good time to be the largest land owner on the Strip,\u201d Murren said.<\/p>\n
\tJ.P. Morgan gaming analyst Joe Greff told investors the company\u2019s Strip resorts and CityCenter had much better quarter than was anticipated.<\/p>\n
\tThe MGM Macau was still an important contributor to the company\u2019s bottom line. MGM Resorts said the casino will pay a a dividend of $136 million to investors in September, of which $69 million will be paid to MGM Resorts. For the year, the MGM Macau has paid $762 million in dividends.<\/p>\n
\tMeanwhile, MGM Resorts said its $2.9 billion MGM Cotai is expected to open in 2016. The 1,500 room hotel-casino will include The Spectacle, and entertainment and retail complex designed by architect David Rockwell, a Sky Loft component of luxury hotel suites.<\/p>\n
\tMeanwhile the company is beginning to plan the second phase of MGM Cotai, which will include 700 hotel rooms as part of a non-gaming expansion.<\/p>\n
\tMGM Resorts said the size and scope of it MGM National Harbor development in Maryland has increased to add another 475,000 square feet of public space. The project, which is expected to open in 2016, will now cost $1.2 billion.<\/p>\n
\tShares of MGM Resorts closed at $25.88 on Tuesday on the New York Stock Exchange, down 57 cents or 2.16 percent.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
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