The opening of its MGM National Harbor casino near Washington, D.C., and its first full quarter of revenues from the Borgata in Atlantic City, helped MGM Resorts International on Thursday report improved fourth-quarter earnings from last year.
But the company missed earnings estimates, sending its shares down $2.74 on heavy volume of 48.7m shares traded on the New York Stock Exchange. MGM Resorts shares are set to open Friday at $26.86.
Earnings per share in the fourth quarter were 4 cents compared with a loss in the year-ago quarter of $1.38, which included a $1.33 per share charge related to the 2011 MGM China acquisition.
Analysts' estimate for the quarter was a profit of 21 cents a share.