Shares of MGM Resorts (NYSE:MGM) are falling today, down by 6.5% as of 11:40 a.m. EDT, after the casino operator reported its third-quarter financial results. The company lost $535 million after revenue in all key markets plummeted due to the coronavirus pandemic.
MGM said revenue at its Las Vegas casinos plunged 68% to $481 million while adjusted property earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) almost completely evaporated, coming in at just $15 million. Last year, it recorded $441 million in adjusted property EBITDAR.
Its regional properties did marginally better, with revenue off only 40% to $557 million and adjusted property EBITDAR of $146 million, down 46% year over year.
In China, its Macao resorts had a rough go of it: Revenue cratered 94% to $47 million, leading to adjusted property EBITDAR losses of $96 million.
Considering MGM's casinos were either closed or operating at vastly reduced capacity during the quarter, it's not surprising the results were dismal. Yet MGM also had some positive developments, too.
Sports betting and iGaming continue to be a bright spot, with CEO Bill Hornbuckle saying BetMGM is on track to deliver $150 million to $160 million in net revenue in 2020, above its original $130 million forecast.
In the eight states BetMGM operates, it collectively has an 18% market share, and it will have the technology live in 11 states by year-end.