(Bloomberg) -- MGM Resorts International reported lower-than-expected sales and profit for the third quarter amid a slowdown in Las Vegas betting.
Sales at MGM rose 5.3% to $4.18 billion, the company said Wednesday, falling short of analysts’ estimates of $4.21 billion.
In Las Vegas, where MGM is the largest casino operator, revenue grew 1.3% to $2.13 billion, with higher hotel room sales countering a 13% drop in casino revenue. The Las Vegas Strip has seen three straight months of revenue declines, largely tied to baccarat.
Adjusted third-quarter earnings came to 54 cents a share, down from a year ago and falling short of the 59-cent average of analysts’ estimated compiled by Bloomberg.
The company reported record third-quarter sales and profit in the Chinese gambling enclave of Macau, delivering revenue of $929 million and earnings of $237 million before interest, taxes, depreciation and amortization. Those results were also below analysts’ expectations.
Caesars Entertainment Inc. tumbled 8% on Wednesday after reporting lower revenue in Las Vegas and its regional casino businesses the day before.
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