From Nasdaq:

MGM Resorts International has reported its fourth-quarter financial results, which included a revenue of $4.38 billion, up 22% year-over-year. The company’s earnings per share of $1.06 beat expectations, with Las Vegas Strip revenue totaling $2.4 billion and Formula 1 races driving the fourth-quarter results.

Regional operations revenue was down, citing a union strike at the MGM Grand Detroit, while MGM China revenue was up 462% year-over-year at $983 million.

MGM Resorts CEO Bill Hornbuckle noted that the company set new records in Las Vegas Strip Resorts and MGM China for full year and fourth-quarter Adjusted Property EBITDAR.

The company shared insight on future prospects, including potential positive impacts from Super Bowl LVIII and the recent launch of a Marriott relationship.

MGM recently closed on an amendment and extension to its senior secured credit facility, which will provide additional capacity of $610 million and extend the maturity to 2029, two years later than the previous facility.

MGM also plans to buy back more of its shares, as they have already bought back approximately 6 million shares for an estimated $249 million year-to-date. MGM shares are down 4% to $43.81 in after-hours trading Tuesday.

It was also mentioned that Musk’s X Social Media Platform has signed an exclusive partnership with BetMGM. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



Read more: MGM Q4 Earnings Highlights: Revenue Beat, EPS Beat, Record Las Vegas & China Results, Super Bowl Kicks Off Strong Q1