MGM's revenue flat in Q4

By Danny King
MGM Resorts International’s fourth-quarter revenue was little changed from a year earlier, as demand declines at some hotels offset increases at others.

Demand was up at the MGM Grand and the Mirage in Las Vegas and at the MGM Grand in Macau, down at the Mandalay Bay and Luxor in Las Vegas.

MGM Resorts’ revenue was $2.29 billion. Revenue at U.S. resorts fell about 1%, while Macau’s revenue rose 1.7% from a year earlier.

Revenue per available room at Las Vegas hotels was little changed at $112 a night.

Operating profit rose 4.6% to $504.5 million, but the company’s net loss widened to $1.22 billion from $113.7 million a year earlier.

MGM Resorts recorded $533 million in impairment charges for property in Las Vegas and Atlantic City, and a $505 million loss stemming from its debt refinancing late last year.

Follow Danny King on Twitter @dktravelweekly.
 
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