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MGM Resorts (MGM) Posts Wider 4Q Loss On Impairment Charges

 February 20, 2013 10:09 AM
 


(By Balaseshan) MGM Resorts International (NYSE: MGM) reported a wider quarterly loss due to Las Vegas Strip land and Atlantic City land impairment charges, as well as loss on retirement of long-term debt.

Loss for the fourth quarter widened to $1.22 billion or $2.50 per share from $113.69 million or $0.23 per share in the previous year quarter. The latest quarter results included a loss on retirement of long-term debt.

The results included a $366 million impairment charge related to its land holdings on the north end of the Las Vegas Strip and a $167 million impairment charge related to land holdings in Atlantic City.

[Related -Stock Upgrades And Downgrades: AWK, BLK, ICUI, MGM, RAX, TSLA, VSAT]

Revenue marginally declined 0.1% to $2.295 billion.

Analysts, on average, polled by Thomson Reuters had expected a loss of $0.22 per share on revenue of $2.31 billion for the fourth quarter.

Casino revenue related to wholly owned domestic resorts was up 1%. Rooms revenue increased 2% with Las Vegas Strip REVPAR up 1%.

MGM China earned net revenue of $731 million, a 2% increase over the prior year quarter driven by increases in volume for main floor table games and slots of 13% and 37%, respectively.

The company's cash balance at December 31, 2012 was $1.5 billion, which included about $952 million of cash and cash equivalents related to MGM China.

On February 20, MGM China's board announced a special dividend of $500 million, which will be paid to shareholders of record as of March 11 and distributed on or about March 18. MGM Resorts International will receive $255 million, representing its 51% share of the dividend.

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MGM is trading up 1.88% at $12.98 on Wednesday. The stock has been trading between $8.83 and $14.85 for the past 52 weeks.

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