NEW YORK (TheStreet) -- Shares of MGM Resorts International (MGM) are down by 1.82% to $21.01 in early afternoon trading on Monday, after the casino and resorts operator posted an 11% decline in revenue for the 2015 first quarter. Revenue for the quarter was partially impacted by poor performance in China's Macau gambling hub.
For the most recent quarter MGM said its revenue declined to $2.33 billion from $2.63 billion from the 2014 first quarter.
The company's China business posted weak results for the quarter. MGM China's net revenue was $63 million and adjusted EBITDA was $148 million, a decline of 33% and 38% respectively when compared to the same period last year.
The Macau gambling district has been seeing a drop in revenue since the Chinese government began its anti-corruption crackdown, which has kept a lot of high stakes and VIP players away from the gaming tables.
MGM is also dealing with pressure from activist investor Land & Buildings, which wants the company to seize on the improvement in the Las Vegas economy by creating an REIT with a separate publicly traded company to manage its Las Vegas Strip resort and spin off its MGM China business, the Wall Street Journal reports.
The company's earnings were 33 cents per diluted share for the 2015 first quarter versus 20 cents per share for the year-ago quarter. Analysts polled by Thomson Reuters had forecast for earnings of 13 cents per share on revenue of $2.4 billion.