MGM 10-Q: Q3 Net Loss of $17M, EBITDA Down to $403M, Strip RevPAR Slides to $193
MGM is trading near its 52-week low of $27.2 (1.1% below the low) on elevated volume (2.1× avg).
Summary
MGM's Q3 revenue fell 1% to $4.21 billion and Adjusted EBITDA dropped to $403 million as Las Vegas Strip RevPAR slid to $193 from $210, producing a $17 million net loss; MGM China growth and a narrower digital loss partly offset the decline.
Key Events · Earnings and Guidance · MGM
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Q3 Revenue Slips 1% to $4.21 Billion
Consolidated revenue was $4.21 billion versus $4.25 billion a year earlier, with Las Vegas Strip Resorts down 2% to $1.95 billion and Regional Operations down 8% to $883 million, partly offset by MGM China up 5% to $1.14 billion.
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Adjusted EBITDA Falls to $403 Million
Consolidated Adjusted EBITDA dropped from $506 million to $403 million; Las Vegas Strip Segment Adjusted EBITDAR fell 12% to $531 million and Regional Operations fell 18% to $243 million.
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Strip RevPAR Slides to $193
Las Vegas Strip ADR fell to $218 from $236 and RevPAR to $193 from $210, with occupancy flat at 89%, driving the room-revenue decline.
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Nine-Month Profit Aided by Asset Sales
Nine-month net income attributable to MGM was $400.5 million versus a $87.8 million loss, including a $253 million gain on the MGM Northfield Park sale and a $51 million gain on the partial VICI lease termination.
Analysis · MGM · Real Estate & Construction
The quarter itself is weak: consolidated revenue slipped 1% to $4.21 billion and Consolidated Adjusted EBITDA fell from $506 million to $403 million, with Las Vegas Strip Segment Adjusted EBITDAR down 12% on higher payroll and a $23 million insurance-proceeds benefit in the prior-year quarter. The $17 million net loss is small in absolute terms, but the nine-month picture is flattered by one-time gains — $253 million on the MGM Northfield Park sale and $51 million on the partial VICI lease termination — so the underlying earnings trend is softer than the $400 million nine-month profit suggests. Offsets: MGM China revenue rose 5% to $1.14 billion and the digital segment's quarterly loss narrowed to $4 million from $23 million. Balance sheet remains the story for equity holders — debt is down to $5.67 billion from $6.23 billion, $2.4 billion of cash sits on hand, and $1.4 billion of buyback capacity remains, though the stock is trading near its 52-week low of $27.20.
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At the time of this filing, MGM was trading at $26.91 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $6.9B. The 52-week trading range was $27.20 to $51.59. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.