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MGM Posts 4Q Loss Of More Than $780M

MGM Resorts International on Thursday reported a loss of $781.5 million in its fourth quarter.

The Las Vegas-based company said it had a loss of $1.38 per share. Losses, adjusted for asset impairment costs, came to 1 cent per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.

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The casino and resort operator posted revenue of $2.19 billion in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $2.27 billion.

For the year, the company reported that its loss widened to $447.7 million, or 82 cents per share. Revenue was reported as $9.19 billion.

MGM shares have fallen 12 percent since the beginning of the year. The stock has dropped 8 percent in the last 12 months.