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Market News

MGM Resorts International withdraws full year outlook, CEO steps down

— MGM Resorts International (NYSE: MGM) reported its fourth-quarter 2019 earnings of $$0.08 per share vs $0.26 per share expected.   — Revenue rose by 4% to $3.2 billion versus $3.19 billion expected. Results were hurt by lower than expected hold, weakness in Far East baccarat, and certain one-time items. –Jim Murren is stepping down as CEO […]

February 12, 2020 1 min read
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— MGM Resorts International (NYSE: MGM) reported its fourth-quarter 2019 earnings of $$0.08 per share vs $0.26 per share expected.   — Revenue rose by 4% to $3.2 billion versus $3.19 billion expected. Results were hurt by lower than expected hold, weakness in Far East baccarat, and certain one-time items. –Jim Murren is stepping down as CEO […]

· February 12, 2020

— MGM Resorts International (NYSE: MGM) reported its fourth-quarter 2019 earnings of $$0.08 per share vs $0.26 per share expected.  

— Revenue rose by 4% to $3.2 billion versus $3.19 billion expected. Results were hurt by lower than expected hold, weakness in Far East baccarat, and certain one-time items.

Earnings Update by AlphaStreet

–Jim Murren is stepping down as CEO and Chairman prior to the expiration of his contract. He has been the company’s CEO since 2008. The Board has formed a committee to find a replacement for him. 

— We are also executing on our stated MGM 2020 plan, which is realizing material cost savings and revenue enhancements: Murren

— Company withdrew its fiscal 2020 full year financial targets due to market-wide weakness and impact from coronavirus. The Macau casinos are currently closed. 

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— MGM stock fell 3.5% following the announcement. 

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