MGM Posts $37 Million Loss For Q3

MGM Posts $37 Million Loss For Q3

Gambling and hospitality giant MGM Resorts International has posted a loss for the third quarter of 2019.

According to the figures released by the gambling operator on Wednesday, it incurred a net loss of $37m. For the same period the previous year, MGM had reported a profit of $143m.

The company’s net revenue was up 9 percent to $3.31b for the three months to September 30.

The gambling operator has attributed the loss to a $219m non-cash impairment related to its sale of the land underneath its Bellagio and Circus Circus properties in Las Vegas.
MGM’s revenue from its Vegas Strip properties was up 4% to $1.5b, despite its overall reported revenue slipping 3 percent.

While the gambling operator’s US regional performance was satisfactory as it jumped by 20% to $935m, the casino operator’s revenue took a hit in Macau as the VIP footfall at its overseas casino declined.

MGM is also contending for a casino license in Japan. According to Fitch Ratings, MGM is the top contender for the Japanese IR license in Osaka. Moreover, GGR Asia reports that MGM is emerging as the preferred choice for Osaka Casino.

MGM Resorts International, Genting Singapore, and Galaxy Entertainment Group are in the race for a casino license in Osaka.

MGM is also its flagship MGM Grand resort in Las Vegas by the end of the year.

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