MGM's Las Vegas revenue falls in third quarter

By Danny King
MGM Resorts International’s third-quarter revenue was little changed, as lower revenue in Las Vegas canceled out higher demand in Macau.

MGM said Wednesday that revenue at its MGM China division rose 6.7% to $665.1 million on higher revenue from table games and slot machines.

At MGM Resorts’ Las Vegas Strip properties, revenue per available room fell 2%, as occupancy declined three percentage points to 92%.

MGM Resorts’ third-quarter net loss was $181.2 million. Revenue was little changed at $2.25 billion.

Lazard Capital Markets analyst Jake Fuller cut his fourth-quarter and 2013 earnings estimates for MGM Resorts by 16% and 4%, respectively, because of the slower-than-expected Las Vegas recovery and increased spending on prospective projects in Maryland, Massachusetts and Toronto.

Follow Danny King on Twitter @dktravelweekly.
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