What's Coming For MGM Resorts?
MGM Resorts International (NYSE: MGM) will report Q1 results on Monday, May 4.
Ahead of its earnings release, the Estimize consensus was for EPS of $0.14 on revenue of $2.471 billion.
The Wall Street consensus also expected EPS of $0.14 with revenue of $2.438 billion.
On April 27, Susquehanna analyst Rachael Rothman expected MGM to report below the Q1 consensus following the rejection of the Land and Buildings proposal.
Rothman anticipated MGM to report $605 million in Q1 property EBITDA, 4.6 percent below the $634 million consensus.
Peers 'Downright Ugly'
Las Vegas Sands reported that it had come under pressure from a declining market in Macau.
Bank of America analyst Shaun C. Kelley commented on the issue in an April 27 note, stating:
“Macau’s Secretary for Social Affairs and Culture Alexis Tam said the government has submitted a proposal to Beijing to ‘improve’ the inbound visa policy. While no details on the proposal were released, Secretary Tam highlighted the government’s desire to diversify its tourist base beyond the mainland, and said the next steps were up to Beijing.”
Rothman, however, felt that Las Vegas revenues for MGM would be in line and despite the negative news from Wynn and LVS, she maintained a Positive rating on MGM with a $26 price target.
MGM Resorts International closed at $21.40 Friday, up 1.18 percent.
Latest Ratings for MGM
|Oct 2016||Argus Research||Upgrades||Hold||Buy|
|Aug 2016||Buckingham Research||Initiates Coverage on||Buy|
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