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Feb. 12, 2020, 5:40 p.m. EST

MGM Resorts pulls 2020 guidance, Macau casinos closed

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By Claudia Assis

MGM

Shares of MGM Resorts International /zigman2/quotes/209932643/composite MGM -9.37% fell more 2% in the extended session Wednesday after the hotel and casino operator withdrew its guidance for the year and said its casinos in Macau are closed. "MGM Resorts expects several headwinds in calendar year 2020," including "increased volatility" due to the COVID-19 outbreak as well as ongoing weakness for some of its Las Vegas gaming, the company said in a statement. MGM said it earned $2 billion, or $3.91 a share, in the fourth quarter, versus a loss of $23 million, or 6 cents a share, in the prior-year quarter. The quarterly GAAP profit included a $2.7 billion gain related to its Bellagio real-estate deal. Adjusted for one-time items, MGM earned 8 cents a share, versus a loss of 3 cents a share a year ago. Sales rose 4% to $3.2 billion, MGM said. Analysts polled by FactSet had expected adjusted earnings of 24 cents a share on sales of $3.2 billion. The company also said it raised dividend by 15% and approved a $3 billion share buyback program. Earlier Wednesday, MGM announced that CEO Jim Murren was stepping down. Shares of MGM ended the regular trading day up 2.9%.

/zigman2/quotes/209932643/composite
US : U.S.: NYSE
$ 12.19
-1.26 -9.37%
Volume: 37.03M
March 27, 2020 6:30p
P/E Ratio
3.07
Dividend Yield
4.92%
Market Cap
$6.00 billion
Rev. per Employee
$213,874
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