MGM: 2Q Earnings Snapshot
Posted Jul 30, 2020 04:47:37 PM.
Last Updated Jul 30, 2020 05:03:04 PM.
This article is more than 5 years old.
LAS VEGAS (AP) _ MGM Resorts International (MGM) on Thursday reported a second-quarter loss of $857.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Las Vegas-based company said it had a loss of $1.67. Losses, adjusted for non-recurring costs, came to $1.52 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of $1.65 per share.
The casino and resort operator posted revenue of $289.8 million in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $442.6 million.
MGM shares have decreased 50% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $16.64, a drop of 46% 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
The Associated Press
