LAS VEGAS ? MGM Resorts International's third-quarter loss narrowed thanks to a smaller impairment charge, while revenue improved partly on strength in Macau.
The casino operator lost $123.8 million, or 25 cents per share, for the three months ended Sept. 30. That compares with a loss of $318 million, or 72 cents per share, a year ago.
MGM Resorts recorded an impairment charge of 11 cents per share in the quarter. This is much smaller than its 51 cents per share in impairment charges in the prior-year period.
Removing the 11 cents per share charge, MGM Resorts lost 14 cents per share.
Analysts polled by FactSet predicted a loss of 15 cents per share.
Revenue climbed 42 percent to $2.23 billion from $1.57 billion, buoyed by MGM China Holdings Ltd., which runs a Macau casino.
But Wall Street expected higher revenue of $2.25 billion.
MGM Resorts' stock fell 17 cents to $11.22 in premarket trading on Thursday.
MGM Resorts said Thursday that its performance included a full quarter of results from MGM China. The Las Vegas company acquired a controlling 51 percent interest in MGM China when it went public on the Hong Kong stock exchange in June. Before that it had a 50 percent stake. MGM China's exposure to Macau is important because it is the only place in China where casino gambling is legal.
At Las Vegas Strip resorts, occupancy, average daily rate and revenue per available room improved. Revenue per available room, or revpar, is a key gauge of a lodging company's health.
Casino revenue for wholly owned domestic resorts fell 2 percent in the quarter. Slots revenue climbed 4 percent, with Las Vegas Strip resorts casino revenue up 6 percent.
Billionaire Kirk Kerkorian is a major investor in MGM Resorts.
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