Why MGM Resorts Stock Is Falling Today

Shares of MGM Resorts (NYSE: MGM) are falling today, down by 6.5% as of 11:40 a.m. EDT, after the casino operator reported its third-quarter financial results. The company lost $535 million after revenue in all key markets plummeted due to the coronavirus pandemic.

MGM said revenue at its Las Vegas casinos plunged 68% to $481 million while adjusted property earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) almost completely evaporated, coming in at just $15 million. Last year, it recorded $441 million in adjusted property EBITDAR.

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Source Fool.com