Q3 2023 Earnings Summary
Reported on Nov 8, 2023 (After Market Close)
Pre-Earnings Price$38.65Last close (Nov 8, 2023)
Post-Earnings Price$40.10Open (Nov 9, 2023)
Price Change
$1.45(+3.75%)
- Declining Las Vegas EBITDA even without cyber issues: MGM's Las Vegas same-store EBITDA would have been down even without the $80 million impact from the cybersecurity incident, indicating potential underlying weakness in their core market.
- Pressure from increasing costs: The company acknowledges real pressures from higher wages, insurance costs, and other premiums, which could negatively impact profitability.
- Significant upcoming capital expenditures and potential increase in leverage: MGM has substantial planned investments in Japan and New York, as well as renovations of existing properties, which may strain financial resources and could lead to increased financial leverage.
Research analysts covering MGM Resorts International.