NYSE$MGM
MGM Resorts International · Q2 2020 earnings
Q2 2020 earnings · · Investor relations
Briefing
MGM's financial performance significantly impacted by temporary suspensions and operational restrictions due to the COVID-19 pandemic.
MGM Resorts International reported a significant decrease in consolidated net revenues, a consolidated operating loss, and a net loss attributable to MGM Resorts, primarily due to the temporary suspension of domestic casino operations and travel restrictions in Macau. The company focused on bolstering its liquidity position and managing expenses during the re-opening process.
- Consolidated net revenues decreased by 91% compared to the prior year quarter, totaling $290 million.
- Consolidated operating loss was $1.0 billion, a stark contrast to the $371 million operating income in the prior year quarter.
- Net loss attributable to MGM Resorts was $857 million, compared to a net income of $43 million in the prior year quarter.
- Domestic liquidity, excluding MGM China and MGP, stood at $4.8 billion.
Headline financials
Revenue & EPS history
MGM · Revenue · Quarterly
$290M
Revenue by segment
MGM · $290M total across 4 segments · Q2 2020
- Las Vegas Strip Resorts$151M-89.7%52.0%
- Regional Operations$89.3M-90.2%30.8%
- MGM China$33.2M-95.3%11.5%
- Management and Other Operations$16.5M—5.7%
Forward guidance
MGM believes the long term fundamentals of the business and the broader industry remain intact. However, the near term operating environment will remain challenging and unpredictable as COVID-19 case trends, health and safety protocols, and travel restrictions continue to heavily impact our business.
Tailwinds
- The Company’s liquidity position remains strong.
- Domestic operations achieved better than expected results since opening, despite the challenging environment
- MGM 2020 plan and modifications to our operating model have directly contributed to our margin improvements during the period in which our properties were open.
- Integrated resort opportunity in Osaka
- Expanding our footprint in Macau
Headwinds
- The near term operating environment will remain challenging and unpredictable as COVID-19 case trends
- Health and safety protocols continue to heavily impact our business.
- Travel restrictions continue to heavily impact our business.
- Temporary suspension of the Company’s domestic casino operations
- Restrictions on the number of table games allowed to operate in Macau
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 Q2 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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