MGM Resorts (NYSE:MGM) Falters on Weak Las Vegas Results

While some signals from the gaming industry in Las Vegas pointed to it being stronger, that appears to not be the case, at least for MGM Resorts (NYSE:MGM), which had disappointing results in the city.

That's important to MGM, because the 10 resorts they have in the city account for the majority of the profits the company generates.

Trying to play down the weak Las Vegas results, CEO Jim Murren said in a statement, "We are encouraged in early 2011 by the level of business activity we are seeing. Our forward booking pace is currently ahead of last year, led by a stronger convention mix which we believe will position our company to have a better year than last."

Revenue in the quarter fell to $309.7 million, a drop of 4.5 percent from last year in the same quarter.

Adjusted earnings were a net loss of $139.2 million, or 29 cents a share, an improvement over the $433.9 million, or 98 cents a share MGM lost last year in the fourth quarter.

Net revenue increased from $1.45 billion to $1.47 billion.

MGM was trading at $15.05, down $0.49, or 3.15 percent, as of 12:22 PM EST.