MGM Resorts International (MGM) said it narrowed its fourth-quarter loss on Wednesday as casino revenues more than doubled, though earnings fell short of expectations on higher expenses.
The Las Vegas-based hotel chain and casino operator reported a net loss of $113.69 million, or 23 cents a share, compared with a year-earlier $139.2 million, or 29 cents.
Analysts in a Thomson Reuters poll were looking for a smaller loss of 19 cents.
Revenue for the three months ended Dec. 31 was $2.3 billion, up from $1.47 billion a year ago, beating the Street’s view of $2.22 billion. Casino revenues more than doubled to $1.37 billion from $617 million a year ago and revenue per available room at domestic resorts grew 10%, with a 13% increase at its Las Vegas Strip resorts.
MGM chief executive, Jim Murren, pointed to some of the company’s successes in 2011, including reinvesting in properties, acquiring a majority interest in MGM China, expanding its presence in the key Asian market and improving its cash flow and margins.
“Going forward we expect to build off of these strategies to grow our company and maximize shareholder value,” he said.