Categories Leisure & Entertainment

MGM Resorts International withdraws full year outlook, CEO steps down

Earnings Update by AlphaStreet

— 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 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. 

— MGM stock fell 3.5% following the announcement. 

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Digital wine club Winc gears up for $80-mln IPO. Here’s all you need to know

The virus-driven shift in consumer behavior has made businesses revisit their strategies, and the alcohol industry is no exception. While the IPO frenzy continues unabated, led by the technology and

IPO news: What to look for when Portillo’s Inc. makes its market debut next week

The food industry is witnessing a rebound as people revert to their earlier habits of eating out. Street food has always been popular among those who are looking for a

Charles Schwab Corp. (SCHW) Q3 earnings beat estimates amid 87% revenue growth

Financial services company The Charles Schwab Corporation (NYSE: SCHW) on Friday reported strong revenue and earnings growth for the third quarter. The numbers also beat Wall Street's forecast. Third-quarter revenues

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top