The casino operator lost $1.22 billion, or $2.50 per share, for the three months ended Dec. 31. That compares with a loss of $113.7 million, or 23 cents per share, for the final quarter of 2011. Stripping out impairment charges and other one-time items, MGM Resorts lost 23 cents per share in the latest period — slightly more than the 22 cents that analysts had forecast, according to FactSet.
Revenue dipped slightly to $2.29 billion from $2.3 billion, also missing Wall Street's average estimate of $2.32 billion. While casino and lodging revenue improved during the quarter, customers visiting MGM Resorts' properties spent slightly less on food and drinks. Spending dropped 10 percent on entertainment and 4 percent on retail shopping.
Meanwhile, MGM spent 2 percent more on promotions during the period, and other corporate spending also increased.
For the year, MGM Resorts lost $1.77 billion, or $3.62 per share. It reported a profit of $3.11 billion, or $5.62 per share, in the prior year. Annual revenue climbed 17 percent to $9.16 billion from $7.85 billion.
The company's stock rose about 2 percent in morning trading after the report, but was up just 2 cents at $12.76 by afternoon.
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