MGM Resorts (MGM) stated backside line numbers early Tuesday that came up a brief of expectations, with Boyd Gaming (BYD) reporting after the near.
Estimates: EPS will fall 36% to 7 cents as sales grow 1.5% to $2.Five billion, according to Zacks Investment Research.
Results: Per-percentage earnings of less than a penny, except a $2.52 in step with-share advantage from tax cuts and other gadgets, on sales of $2.6 billion. Domestic casino sales grew 13% to $1.9 billion, mainly due to the opening of MGM National Harbor in December 2016. But on an equal-save basis, home casino sales turned into the flat. Las Vegas Strip revenue per available room dropped 4.9%, and occupancy slipped to eighty-five % from 89%.
MGM China sales accelerated by 10% to $549 million, but VIP table video games revenue was reduced by five.
The board also accepted a 9% dividend boom to 12 cents.
Outlook: Las Vegas Strip net revenue will drop by 3%—5%, and RevPAR will fall by 4%- 6% in Q1 because of a challenging year-ago conference comparison and creation disruption at Monte Carlo. For the whole year, RevPAR has been seen to be up 2%- 4%.
Stock: Shares were down 1.Nine% at 33. Eighty-three soon after the stock market opened these days. Las Vegas Sands (LVS) fell 0.Five%, and Wynn Resorts (WYNN) changed into a flat. Sands and Wynn are more exposed to Macau and beat estimates for the closing month.
The income will comply with a mass picture in October, in which a gunman killed nearly 60 humans after firing on them from a window at MGM’s Mandalay Bay Inn.
MGM Resorts is more targeted at the U.S. Markets vs. Its casino’s large friends; however, it was recently elevated with a lodge and online casino in Macau. The new $3.Four billion MGM Cotai opens amid increased instances of Macau gaming. Revenue rose 19% in the last 12 months and a whopping 36% in January from a year in advance.
Billionaire investor David Tepper’s Appaloosa Management hedge fund opened a brand new position in MGM Resorts within three months of 2017, in addition to Caesars Entertainment (CZR), in step with new 13F filings.
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