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MGM Resorts‘ third-quarter loss narrowed as gambling revenue improved and it paid less interest on debt.
For the period ended Sept. 30, MGM Resorts International lost $31.9 million, or 7 cents per share. A year earlier the casino and lodging company — whose brands include Bellagio, MGM Grand and The Mirage — lost $181.2 million, or 37 cents per share.
Revenue rose 9 percent to $2.46 billion. Casino revenue climbed 13 percent. Sales also rose from booking hotel rooms and selling food and drinks, as well as entertainment and retail. Revenue rose 22 percent to $808 million for MGM China.
MGM China operates the MGM Macau casino-resort and is developing a new Cotai resort.
Casinos in the U.S. have been slower to recover from the economic downturn, and gambling companies have looked abroad for growth. Macau, the only place in China where casino gambling is legal, has been the gambling capital of the world since 2006.
At its U.S. resorts, room revenue rose 5 percent. Las Vegas Strip properties reported a 3 percent rise in revenue per available room.
Revenue per available room, or revpar, tracks hotel room rates and how many rooms are booked. It is a key gauge of a lodging operator’s performance.
Occupancy rose 1 percentage point, to 93 percent, at Las Vegas Strip resorts. The average daily room rate increased to $127 from $124.
Shares of Las Vegas-based MGM Resorts International fell 70 cents, or 3.5 percent, to $19.59 in Thursday premarket trading.
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