MGM Resorts Posts Loss, Shares Fall 5%

MGM Resorts International shares slumped 5% in premarket trade Thursday, after the company reported a loss for the fourth-quarter. The company said it had a loss of $1.47 billion, or $1.38 a share, after a loss of $287.4 million, or 70 cents a share, in the year-earlier period. The loss includes $1.5 billion of a non-cash goodwill impairment charge relating to the company's acquisition of a controlling stake in MGM China Holdings Ltd., equal to $1.33 a share. Revenue fell to $2.38 billion from $2.58 billion. The FactSet consensus was for EPS of 8 cents and revenue of $2.25 billion. Shares are down 10% in the last 12 months, while the S&P 500 has fallen 8%.