MGM shares up on positive earnings report, international expansion plans

Yahoo Finance's Jared Blikre breaks down the latest quarterly earnings for MGM.

Video Transcript

EMILY MCCORMICK: We're continuing to track all the major quarterly results coming in this afternoon. Jared Blikre is keeping an eye on MGM Resorts. Jared.

JARED BLIKRE: That's right. We have the results for the fourth quarter. And the stock, by the way, popping about 2% on the news. As you can see there, adjusted EPS coming in at $0.12 [INAUDIBLE] for just under a penny. It's a nice beat there. Net revenue, $3.06 billion [INAUDIBLE] The estimate was for quite a bit lower, $2.79 billion. So nice beat on the revenue there. If you break that down by region, China, that was $315 million. That's how much it accounted for. And then the Las Vegas Strip resorts, that revenue was $4.7 billion.

Also noting that there was a record fourth quarter regional operations adjusted property EBITDA. And as far as the Las Vegas Strip resorts, that number was up 84% and then up 36% internationally or for their regional operations. Also they repurchased $1.75 billion worth of shares in 2021. And I have some commentary about their future here. They're saying in their earnings report, these strategic milestones we achieved in 2021 position us for further success in 2022.

We remain excited about our long-term opportunities. Those include leading the US sports betting and iGaming market through BetMGM, pursuing disciplined geographic expansion, such as Japan, integrated report-- resort-- excuse me-- and reinvesting in our core business to drive sustainable growth. And as part of these efforts, we're proud to have recently launched our new royalty program, MGM Rewards, which offers an enhanced and further streamlined experience to millions of our members worldwide.

I just want to point out something on our charts here. You can see year to date, after stumbling like most stocks did during the month of January, it is up 8%. And over the last year, it is maintaining gains of 35% with this latest move. If it can sustain it into trading tomorrow, probably going to take out or at least test this peak that we saw in, looks like early November there. Guys.