LAS VEGAS (AP) – MGM Resorts says it earned $66.4 million in its third quarter, a turnaround from a loss a year ago.
The earnings report came as the company disclosed Thursday that it is spinning off some of its casino-resort real estate into a separate company that will lease the properties back to MGM. The Las Vegas-based casino giant would create a real estate investment trust called MGM Growth Properties LLC that would own 10 of its properties and assume $4 billion in debt.
In its earnings report, MGM Resorts said it earned 12 cents per share in the latest quarter. A year ago, it lost $20.3 million, or 4 cents per share.
The company reported overall revenue of $2.28 billion, down 8.2 percent from $2.49 billion a year ago and driven lower by its MGM China business in Macau. The Asian gambling enclave has seen fewer VIP gamblers as a result of the government’s anti-corruption crackdown.
MGM Resorts said quarterly gambling revenue at its U.S. casino-resorts increased 4 percent.
Shares of MGM Resorts International rose $1.31, or 6.1 percent, to $23.08 in morning trading Thursday.
Copyright 2015 The Associated Press.
