=MGM Resorts (MGM) reported earnings on Thur 16 Feb 2017 (b/o)

MGM Resorts misses by $0.07, reports revs in-line with LV Strip REVPAR +3%, in-line with guidance; sees Q1 REVPAR +7%; initiates $0.11 quarterly dividend:

• Reports Q4 (Dec) earnings of $0.11 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus of $0.18; revenues rose 12.3% year/year to $2.46 bln vs the $2.45 bln Capital IQ Consensus. 
• Net revenues of $1.8 billion at the Company's domestic resorts, a 17% increase over the prior year quarter, and a 2% increase on a same-store basis, excluding contributions from Borgata which the Company began consolidating in August 2016, MGM National Harbor which opened in December of 2016, and Circus Circus Reno, which the Company sold in 2015
• REVPAR growth of 3% vs. +3% guidance at the Company's Las Vegas Strip resorts.
• Operating income of $312 million at the Company's domestic resorts; EBITDA +14% to $589 mln.
• "In the fourth quarter of 2016, we drove growth in REVPAR and EBITDA despite a record convention business fourth quarter in the prior year. Our convention business this year resulted in the second highest fourth quarter in the Company's history, and we also successfully leveraged our database and delivered new entertainment offerings to drive customers to our resorts. We continue to invest in our business and remain encouraged by the opportunities we see in 2017. We expect to achieve Las Vegas Strip REVPAR growth of 7% in the first quarter of 2017."