Plus   Neg

MGM Resorts Posts Q1 Profit - Quick Facts

MGM Resorts International (MGM) reported that its first-quarter net income was $6.55 million or $0.01 per share, compared to net loss of $217.25 million or $0.44 per share in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

The latest-quarter tax provision was affected by $65 million of tax expense resulting from the re-measurement of MGM China deferred tax liabilities in connection with the gazetting of the company's Cotai land concession, a $38 million tax benefit resulting from the settlement of the Company's 2003 and 2004 IRS audits, and $9 million of valuation allowance on U.S. deferred tax assets.

The provision for the prior year quarter was affected by a $102 million valuation allowance for a portion of U.S. deferred tax assets and a tax provision of $44 million related to a tax that would have been due on the MGM China dividend had the annual fee arrangement with the Macau government not been in place prior to June 30, 2013.

Revenues for the quarter rose to $2.35 billion from $2.29 billion in the prior year quarter. Twenty Two analysts had consensus revenue estimate of $2.34 billion for the quarter.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Follow RTT