MGM Shares Slide on Quarterly Earnings Bust - TheStreet.comMGM Shares Slide on Quarterly Earnings Bust - TheStreet.comPosted: 30 Apr 2019 06:24 AM PDT Shares of casino and hotel operator MGM Resorts (
MGM -
Get Report) fell in Tuesday after the company reported earnings that came in substantially lower than analysts' forecasts, mainly due to falling gambling revenue at its Las Vegas properties.MGM
said it earned $31 million, or 5 cents a share, in its first quarter, down substantially from $223 million, or 38 cents a share, in the comparable year-earlier period. On an adjusted basis, the company posted per-share earnings of 12 cents, still far below the 22 cents expected by analysts surveyed by FactSet.Revenue for the quarter came in at $3.2 billion vs. $2.8 billion a year ago. Operating income was $370 million vs. $360 million. Adjusted earnings before income, taxes, depreciation and amortization were $740 million in the current quarter compared with $701 million in the prior-year …
