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MGM

MGM Resorts

$25.19

0.97 (4.01%)

16:17
10/30/18
10/30
16:17
10/30/18
16:17

MGM Resorts reports Q3 EPS 26c, consensus 20c

Reports Q3 revenue $3.0B, consensus $2.96B. Net revenues decreased 2% compared to the prior year quarter at the Company's domestic resorts to $2.2 billion and decreased 3% on a same-store basis, excluding contributions from the opening of MGM Springfield on August 24. REVPAR decreased 3.9% compared to the prior year quarter at the Company's Las Vegas Strip resorts. Reports MGM China operating income of $52M, compared to $38 million in the prior year quarter and Adjusted Property EBITDA of $130M, a 7% increase compared to the prior year quarter as a result of the opening of MGM Cotai. Reports CityCenter operating income from resort operations of $28M and Adjusted EBITDA from resort operations of $85M, a 20% decrease in Adjusted EBITDA from resort operations compared to the prior year quarter.

  • 30

    Oct

MGM MGM Resorts
$25.19

0.97 (4.01%)

10/01/18
RHCO
10/01/18
INITIATION
Target $30
RHCO
Hold
MGM Growth assumed with a Hold at SunTrust
SunTrust analyst Barry Jonas assumed MGM Growth (MGP) with a Hold rating and a price target of $30 as part of his broader "U.S. Gaming" coverage transfer research report. The analyst says the company's assets are some of the "highest quality" in the group with "strong coverage and growth pipeline", adding that MGM's (MGM) goal of selling down its stake should also improve its corporate governance concerns. Jonas warns about the company's falling rent coverage in the volatile Las Vegas strip, as well as "upcoming competitive threats in MA and CT" and contends that MGM Growth valuation is fair.
09/14/18
NOMU
09/14/18
NO CHANGE
NOMU
Nomura sees 'vastly different' picture in Macau than stock selloff suggests
Nomura Instinet analyst Harry Curtis says his latest conversations with Macau operators Melco Resorts & Entertainment (MLCO), MGM Resorts (MGM) and Wynn Resorts (WYNN) paint a picture that is "vastly different" from the recent share selloff in the space. The analyst believes quarter-to-date trends through early September "remain strong." Operators have not seen any incremental weakness since reporting Q2 results, Curtis tells investors in a research note. Further, based on recent checks and conversations with management, he believes the strength that Wynn Resorts was seeing when it reported Q2 earnings on August 1 has not deteriorated. The analyst keeps a Buy rating on all three companies.
09/10/18
NOMU
09/10/18
NO CHANGE
NOMU
Nomura sees attractive risk/rewards among Macau gaming stocks
Since early June, the Macau gaming stock prices have fallen 20%-30%, with much of the decline over the last five trading days, Nomura Instinet analyst Harry Curtis tells investors in a research note titled with a Billy Ray Valentine quote: "'They're Panicking Out There.'" The group is down to multiples last seen in 2015 when VIP revenues compressed 40%, the analyst points out. He believes the group's risk/reward profiles are as attractive as it was three years ago. Positive comments about gross gaming revenue trends made on Q2 earnings calls "HAVE NOT deteriorated," writes Curtis. He believes Macau gaming stocks should be bought at these levels, especially Melco Resorts & Entertainment (MLCO), MGM Resorts (MGM) and Wynn Resorts (WYNN).
08/21/18
NOMU
08/21/18
NO CHANGE
NOMU
Buy
Room survey suggests 'modest' upside to guidance for MGM, Caesars, says Nomura
Nomura Instinet analyst Harry Curtis said in a research note to investors that while his latest Las Vegas room rate survey shows "mostly negative" y/y trends through October, sequential price momentum, measured by first-to-last call rates, has become more positive for Strip operators for the first time in months. Curtis says the latest survey for Q3 shows y/y rates down 1.2% for MGM (MGM) vs. guidance of down 5%-7% and up 3.6% for Caesars (CZR) vs. guidance of flat to up 2%, suggesting there could be modest upside to Q3 guidance for both MGM and Caesars. The analyst has a Buy rating on both stocks.

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