MGM Resorts International (NYSE: MGM) reported fourth-quarter and full-year 2014 results before markets opened on Tuesday. For the quarter, the casino and resort operator posted a diluted loss per share of $0.70 on revenues of $2.39 billion. In the same period a year ago, the company reported a loss of $0.12 on revenues of $2.51 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.06 and $2.41 billion in revenues.

Excluding non-recurring costs and other adjustments, MGM posted quarter earnings per share (EPS) of $0.01.

For the full year the company posted a diluted loss per share of $0.31 on revenues of $10.1 billion, compared with a loss of $0.35 on revenues of $9.81 billion in 2013. Consensus estimates called for EPS of $0.49 on revenues of $10.09 billion.

The reported loss in the fourth quarter was related to an income tax provision that was unfavorably affected by a non-cash charge due to an increase in valuation allowance recorded against MGM’s foreign tax credit deferred tax asset. The company’s income tax provision per diluted share was $0.67 for the quarter. Absent the impact of the valuation allowance, a small tax benefit would have been recorded in the quarter.

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Revenue and adjusted EBITDA from MGM China both fell 22% in the fourth quarter. Domestic casino revenue rose 5% and room revenue rose 6%. The company’s CityCenter resort posted a quarterly loss of $18.1 million.

At MGM China, VIP table games revenue fell 39% while main floor table games increased 19%. Quarterly revenue of $718.69 million was down by more than $200 million year-over-year.

The company did not offer guidance, but the consensus estimates call for first-quarter EPS of $0.15 on revenues of $2.51 billion. For the full year, analysts estimate EPS of $0.52 on revenues of $10.13 billion.

The company’s CEO said:

MGM Resorts International reported its best fourth quarter EBITDA since the peak in 2007 and its best full year in six years at its wholly owned domestic resorts. For the full year, CityCenter resort operations and MGM China each achieved record performances. When I reflect on this year, I am extremely proud of the accomplishments of the MGM Resorts International team and believe that 2015 will be another great year. In fact, we are already off to a good start with strong January results in the U.S.

Shares traded down about 1.2% in premarket trading Tuesday at $21.21, in a 52-week range of $17.25 to $28.75. The consensus target price for the shares was around $27.00 before the report.

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