MGM Resorts sets records following big events in Las Vegas
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LAS VEGAS, Nev. (FOX5) - During a Feb. 13 earnings call, MGM Resorts International reported record results and a 22% increase in net fourth-quarter revenue.
The company’s earnings media release began by noting that Las Vegas Strip resorts “achieved record full year and fourth quarter net revenue.”
“Our Las Vegas Strip Resorts and MGM China set new all-time records for full year and fourth quarter Adjusted Property EBITDAR,” said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts. “Our premium positioning and offerings in Las Vegas enable us to capture incremental profit during major events such as the inaugural Formula 1 race and our first Super Bowl.”
MGM said it continues to see great value in its stock and reported buying back approximately 6 million shares for an estimated $249 million. Diluted earnings per share increased to $0.92, compared to $0.69 in the same quarter one year ago.
Net revenues at Las Vegas Strip resorts checked in at $8.8 billion, a 5% increase over the prior year. Casino revenue and table games revenue were both up as well, while slot handle and win saw slight declines year-over-year for the quarter.
