{"id":21597,"date":"2014-05-08T10:29:50","date_gmt":"2014-05-08T14:29:50","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=21597"},"modified":"2014-05-08T10:29:50","modified_gmt":"2014-05-08T14:29:50","slug":"mgm-resorts-international-nysemgm-delivered-positive-growth","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/mgm-resorts-international-nysemgm-delivered-positive-growth-21597","title":{"rendered":"MGM Resorts International (NYSE:MGM): Delivered Positive Growth"},"content":{"rendered":"<p style=\"text-align: justify;\">Boston, MA 05\/08\/2014 (wallstreetpr) \u2013 <b>MGM Resorts International (NYSE:MGM)<\/b> initiated FY2014 with a solid start as it improved its net earnings to $0.21 per share with increasing revenue during first quarter 2014.<\/p>\n<p style=\"text-align: justify;\"><b>Key highlights<\/b><\/p>\n<p style=\"text-align: justify;\">GM\u2019s revenues were up by 12% to $2.6 billion due to increased revenue from casino (+13%) compared to prior year period. The double-digit growth was due to increased revenue from MHM China that reported 26% growth in revenue primarily due to higher occupancy in both VIP table and Main floor table games.<\/p>\n<p style=\"text-align: justify;\">The Wholly owned domestic resorts increase by only 5% to $1.6 billion versus $1.5 billion in 1Q2013. But, rooms revenue increased by 13% YoY due to 14% increase in revenue per available room (REVPAR) in the Las Vegas Strip resorts.<\/p>\n<p style=\"text-align: justify;\">Adjusted Property EBITDA increased by 19% year over year to $682 million due to increase in operating efficiencies over its existing businesses with the contribution of $403 million (+12%) from the Wholly owned domestic resorts and $241 million (+33%) from MGM China. CityCenter recorded adjusted property EBITDA of $95 million during 1Q2014.<\/p>\n<p style=\"text-align: justify;\">MGM Resorts International (NYSE:MGM)\u2019s cash balance as of March 31, 2014 was $1.1 billion with total debt of $2.8 billion.<\/p>\n<p style=\"text-align: justify;\"><b>MGM\u2019s growth prospects<\/b><\/p>\n<p style=\"text-align: justify;\">Casino market keeps on squeezing companies\u2019 profitability those are focused only on casino. Consequently, companies are focusing on diversified businesses with new products and services to sustain their margins. But, places Macau remains stable for the gambling market and expects to provide future growth for companies. \u00a0Therefore, MGM focuses on its businesses especially MGM China that expects to provide significant year over year growth in revenue to maximize its margins.<\/p>\n<p style=\"text-align: justify;\">MGM Resorts International (NYSE:MGM) continues to invest in new properties to increase its profitability in coming years. The ongoing development projects such as MGM Cotai in Macau and MGM National Harbor in Maryland expects to add value to the overall performance by 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston, MA 05\/08\/2014 (wallstreetpr) \u2013 MGM Resorts International (NYSE:MGM) initiated FY2014 with a solid start as it improved its net earnings to $0.21 per share [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":15937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[4052,974],"stock_ticker":[],"class_list":["post-21597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-mgm-resorts-international-nysemgm","tag-nysemgm","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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