Categories Leisure & Entertainment
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 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
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%