NYSE$MGM
MGM Resorts International · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
MGM's financial performance was negatively impacted by the COVID-19 pandemic, leading to property closures and revenue decline.
MGM Resorts International reported a 29% decrease in consolidated net revenues to $2.3 billion for the first quarter of 2020, primarily due to the temporary suspension of casino operations and travel restrictions. Despite the revenue decline, consolidated operating income increased to $1.3 billion, driven by a $1.5 billion gain from real estate transactions. The company is focused on managing cash outflows and maintaining a strong liquidity position during the crisis.
- Consolidated net revenues decreased by 29% year-over-year to $2.3 billion due to COVID-19 impacts.
- Consolidated operating income increased to $1.3 billion, including a $1.5 billion gain from real estate transactions.
- Net income attributable to MGM Resorts was $807 million, compared to $31 million in the prior year quarter.
- Adjusted diluted earnings per share was a loss of $0.45, compared to earnings of $0.14 in the prior year quarter.
Headline financials
Revenue & EPS history
MGM · Revenue · Quarterly
$2.25B
Revenue by segment
MGM · $2.1B total across 3 segments · Q1 2020
- Las Vegas Strip Resorts$1.1B—52.4%
- Regional Operations$726M—34.6%
- MGM China$272M—13.0%
Forward guidance
MGM Resorts is focused on maintaining a strong liquidity position and managing cash outflows during the COVID-19 crisis. The company is proactively reducing cash outflows and has access to additional liquidity through various measures.
Tailwinds
- Strong liquidity position maintained.
- Proactive reduction of cash outflows to $270 million per month during closures.
- Access to $1.4 billion of additional liquidity upon redemption of operating partnership units in MGP.
- Recent $750 million senior notes offering to bolster liquidity.
- Focus on long-term strategic initiatives, including Japan, Macau, and sports betting.
Headwinds
- Uncertainty regarding the opening dates of domestic properties.
- Material negative impact on first quarter results due to property closures.
- Continued travel restrictions affecting operations.
- Temporary reduction of dividend to preserve liquidity.
- Decrease in consolidated net revenues by 29%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2020
-0.2%
Avg return
Earnings day
-1.1%
Avg return
5 days after
-0.2%
Avg return
30 days after
49%
33 / 68 earnings
Positive
+17.5%
Q4 2024
Best reaction
-14.0%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.3% | -3.5% | +11.1% | |
| Q4 2025 | -1.8% | +1.2% | -3.7% | |
| Q3 2025 | -1.7% | +2.1% | +13.1% | |
| Q1 2025 | -1.9% | -0.1% | +0.6% | |
| Q4 2024 | +17.5% | +10.8% | -7.6% | |
| Q3 2024 | -12.2% | -13.3% | -8.7% | |
| Q2 2024 | -12.8% | -20.4% | -12.1% | |
| Q1 2024 | +3.6% | +4.0% | +1.9% | |
| Q4 2023 | -9.0% | -9.5% | -9.0% | |
| Q3 2023 | -0.2% | -0.9% | +8.2% | |
| Q2 2023 | -8.5% | -8.7% | -11.4% | |
| Q1 2023 | +2.3% | -4.0% | -12.5% | |
| Q4 2022 | +5.0% | +5.1% | +1.6% | |
| Q3 2022 | -12.6% | -4.9% | +3.2% | |
| Q2 2022 | +7.2% | +4.4% | -0.6% | |
| Q1 2022 | -0.5% | -6.7% | -16.7% | |
| Q4 2021 | -0.3% | -5.4% | -15.0% | |
| Q3 2021 | -1.0% | +1.4% | -16.1% | |
| Q2 2021 | +7.4% | +6.1% | +15.1% | |
| Q1 2021 | -4.2% | -2.2% | +1.6% | |
| Q4 2020 | -1.5% | +0.3% | +8.8% | |
| Q3 2020 | +2.3% | +8.2% | +42.4% | |
| Q2 2020 | -1.0% | +2.9% | +46.8% | |
| Q1 2020 | -14.0% | -18.3% | -1.6% | |
| Q4 2019 | -2.8% | -3.6% | -52.8% | |
| Q3 2019 | -0.1% | +4.3% | +12.0% | |
| Q2 2019 | +2.6% | +2.8% | -6.5% | |
| Q1 2019 | -5.9% | -8.2% | -10.4% | |
| Q4 2018 | -5.2% | -2.3% | -9.9% | |
| Q3 2018 | +10.1% | +16.3% | +12.8% | |
| Q2 2018 | +0.1% | +3.9% | +1.7% | |
| Q1 2018 | -11.5% | -11.1% | -11.0% | |
| Q4 2017 | -0.2% | +2.6% | +0.2% | |
| Q3 2017 | +4.1% | +5.1% | +5.5% | |
| Q2 2017 | -2.2% | -4.3% | -6.0% | |
| Q1 2017 | +3.1% | +3.9% | +6.8% | |
| Q4 2016 | -10.1% | -9.0% | -6.8% | |
| Q3 2016 | +6.0% | +4.1% | +13.4% | |
| Q2 2016 | +2.8% | +4.7% | +3.4% | |
| Q1 2016 | +2.5% | — | — | |
| Q4 2015 | -10.0% | — | — | |
| Q3 2015 | +6.6% | — | — | |
| Q2 2015 | +12.6% | — | — | |
| Q1 2015 | -5.9% | — | — | |
| Q4 2014 | +3.9% | — | — | |
| Q3 2014 | +1.6% | — | — | |
| Q2 2014 | -5.0% | — | — | |
| Q1 2014 | +9.6% | — | — | |
| Q4 2013 | +3.8% | — | — | |
| Q3 2013 | -4.9% | — | — | |
| Q2 2013 | +4.4% | — | — | |
| Q1 2013 | +6.2% | — | — | |
| Q4 2012 | -2.9% | — | — | |
| Q3 2012 | -1.1% | — | — | |
| Q2 2012 | +4.7% | — | — | |
| Q1 2012 | +0.7% | — | — | |
| Q4 2011 | -0.7% | — | — | |
| Q3 2011 | -0.9% | — | — | |
| Q2 2011 | -6.8% | — | — | |
| Q1 2010 | +2.6% | — | — | |
| Q1 2011 | +0.7% | — | — | |
| Q4 2008 | -3.4% | — | — | |
| Q4 2010 | -3.4% | — | — | |
| Q3 2009 | +4.9% | — | — | |
| Q3 2010 | +4.9% | — | — | |
| Q4 2009 | +1.5% | — | — | |
| Q2 2010 | +1.5% | — | — | |
| Q2 2009 | +1.5% | — | — |
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