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MGM Resorts International (NYSE: MGM) failed to meet Wall Street’s first-line estimates at the time yesterday’s quarterly effects were posted, but hit because the losses generated by the casino operator were below expectations.
Bill Hornbuckle, who has just been appointed CEO and permanent chairman of MGM, said that while the short-term outlook is uncertain, “the long-term basic principles of our company and the industry in general remain intact.”
The casino operator reported profits of less than $290 million for the period, with more than $3.2 billion a year ago as its U.S. resorts. They closed during the quarter high, while their operations in China, although open, experienced difficulties. to get the players back.
MGM’s revenue in Macau fell 95% in the quarter, corresponding to the decrease in the gaming industry’s monthly gross revenue, even though casinos were up and running all the time. Travel restrictions remain strict on the peninsula, the only position where it is legal to play in China.
The houses of the U.S. The hotel operator has been much more successful in attracting the players, as they reopened after the closure of the area.
MGM fell to a loss of $1.52 consistent with a consistent percentage of $0.23 consistent with a consistent percentage last year, however, its finances still look good. It has $4.8 billion in money and equivalents and $8.1 billion in total money, with $11.4 billion in remarkable debt.
MGM Resorts has reduced its dividend to a penny according to the stock, and will make a quarter-cent payment on September 15. He abandoned his profit forecast in February for the rest of the year.