Q3 2023 Earnings Summary
Reported on Jan 4, 2025 (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.