MGM Resorts International warned of a nearly -30% year-over-year decline in its first-quarter revenue, as a result of coronavirus crisis-induced shutdown.
The Casino and hotel operator mentioned in a regulatory filing that its preliminary anticipation for first-quarter consolidated revenue was $2.3 billion – which represents a -29% drop from the year-ago quarter’s figure. It is also behind FactSet consensus estimate of $2.48 billion.
Net revenue at the Las Vegas Strip resorts is expected to come in at $1.1 billion, which is -21% lower from the year ago. Period.
Net revenue at MGM China is expected to be $272 million, which represents a -63% year-over-year decline.
The company mentioned that the global pandemic have had, and is expected to continue to have a substantial impact on its business.