MGM Posts Steep Q4 Loss
MGM Resorts International has reported its Q4 and 2012 results, and the numbers aren't pretty. For the quarter, consolidated net revenue amounted to $2.3 billion, essentially matching the level of the same period the previous year. Net loss, however, deepened considerably to $1.2 billion ($2.50 per share), more than 10 times Q4 2011's $114 million.
Although the revenue figure met analyst expectations, the net loss was quite a bit steeper than the $0.22 they were anticipating.
The company attributed the large loss to a set of significant, one-time charges.
For the full year, MGM enjoyed a revenue increase of 17% on an annual basis to $9.2 billion; however, the bottom line plunged into the red at $1.8 billion ($3.62 per share). The 2011 figure was a profit of $3.1 billion ($6.37 EPS).
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