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 to 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 10% to $549 million, but VIP table video games revenue reduced five%.
The board also accepted a 9% dividend boom to 12 cents.
Outlook: Las Vegas Strip net revenue to drop 3%-five% and RevPAR to fall 4%-6% in Q1 because of a challenging year-ago conference comparison and creation disruption at Monte Carlo. For the whole year, RevPAR is seen up 2%-4%.
Stock: Shares were down 1.Nine% at 33. Eighty-three soon after the open at the stock market these days. Las Vegas Sands (LVS) fell 0.Five% and Wynn Resorts (WYNN) changed into a flat. Sands and Wynn are more uncovered to Macau and beat estimates closing month.
The income will comply with a mass taking pictures 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 on 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% last 12 months and a whopping 36% in January from a yr in advance.
Billionaire investor David Tepper’s Appaloosa Management hedge fund opened a brand new position in MGM Resorts within the ultimate three months of 2017, in addition to Caesars Entertainment (CZR), in step with new 13F filings.
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THE PROS AND CONS OF ONLINE VIDEO GAME RENTALS
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Pros:
1. Online video rentals provide heaps of online game leases, with the most up-to-date online game titles being launched on apartments as soon as they arrive out. Older video games are continual to be had as nicely.
2. Deliveries are received to your mailbox within 2-3 enterprise days of your order.
3. No overdue charges or shipping due dates for any game in stock. All video games can be saved for as long as you desire.
Four. Rental companies normally provide used video games that might be just a few months old for a miles decrease fee than you will be capable of discovering at any storefront or retail shop.
5. Customer provider is always there to help with any transport, monitoring, or game trouble which could stand up inside 24 hours.
