-=MGM Resorts (MGM) reported earnings on Thur 26 Apr 2018 (b/o)

MGM Resorts misses by $0.01, reports revs in-line; CityCenter sells Mandarin Oriental for $214M 

• Reports Q1 (Mar) earnings of $0.29 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $0.30; revenues rose 3.8% year/year to $2.82 bln vs the $2.82 bln Capital IQ Consensus. Net revenues decreased 1% over the prior year quarter at the Company's domestic resorts to $2.1 billion; REVPAR decreased 4.3% vs. down 4-6% guidance at the Company's Las Vegas Strip resorts; Adjusted Property EBITDA decreased 5% over the prior year quarter to $616 million at the Company's domestic resorts. MGM China net rev +25% to $596M; EBITDA +5% to $152M.
• MGM Resorts and Infinity World Development selling the Mandarin Oriental Las Vegas and adjacent retail parcels for ~$214 million in cash