Summary Box: MGM Resorts 3rd-quarter loss narrows

AP News
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Posted: Nov 03, 2011 9:58 AM
Summary Box: MGM Resorts 3rd-quarter loss narrows

THE RESULTS: Casino operator MGM Resorts International reported Thursday that it lost 25 cents per share in the third quarter. Taking out an impairment charge, it lost 14 cents per share. Revenue rose 42 percent to $2.23 billion.

THE ESTIMATES: Analysts polled by FactSet expected a loss of 15 cents per share on revenue of $2.25 billion.

VEGAS BABY: Occupancy at the company's Las Vegas Strip resorts climbed to 95 percent from 93 percent, while the average daily rate increased to $124 from $111. Revenue per available room, a key gauge of a lodging company's health, rose to $117 from $104.