MGM Resorts International's fourth-quarter loss narrowed 18% from a year earlier, as the hotel-casino operator benefited from higher Las Vegas demand and the inclusion of Macau operations in reported results.
MGM Resorts’ loss narrowed to $113.7 million from a $139.2 million loss a year earlier.
Revenue surged 56% to $2.3 billion, as the company included the $719 million in revenue generated from MGM China, of which MGM Resorts owns 51%.
MGM Resorts began including MGM China in its corporate numbers last June. Excluding MGM China, revenue was up 7%. MGM China's revenue was up 23%.
U.S. properties benefited from a resurgence in Las Vegas. Revenue per available room (RevPAR) at Las Vegas hotels rose 13% from a year earlier to $110 a night.
Las Vegas room rates rose 9.3% in the fourth quarter, and hotel occupancy increased three percentage points to 87%.
MGM Resorts’ loss from the CityCenter resort development narrowed 73% from a year earlier to $10.3 million, while revenue rose 15%. MGM owns half of CityCenter, and the Dubai government owns the other half.
Earlier this month, the Las Vegas Convention and Visitors Authority reported that the city boosted its number of visitors by 4.3% in 2011, making last year's total its second best on record. Citywide hotel occupancy was 84% last year, up 3.4 percentage points from 2010, while the average daily room rate rose 11%, to $105.11.
Las Vegas Sands and Wynn Resorts each reported higher fourth-quarter earnings in part because of higher Las Vegas demand. Caesars Entertainment (formerly Harrah’s Entertainment) will report fourth-quarter earnings at the end of the month.
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