Market Overview

Hudson Securities Previews MGM 4Q


MGM Resorts International (NYSE: MGM) reports 4Q10 results before the bell on Monday and will hold a call at 11:00 a.m. EST, Hudson Securities reports.

“Our current 4Q10 EBITDA estimate of $304 million is $14 million above the Street,” Hudson Securities writes. “MGM does not guidance. We don't expect MGM to have a blockbuster quarter, given the read through of Las Vegas Sands Corp. (NYSE: LVS) and Wynn Resorts' (NASDAQ: WYNN) Las Vegas results coupled with data points out of Las Vegas throughout the quarter, particularly our Room Rate Tracker.

“We estimate that just under three-quarters of MGM's property EBITDA will come from Las Vegas. Our 4Q10 Las Vegas EBITDA estimate is $248.8 million versus StreetAccount consensus of $237 million. Our LV EBITDA estimate is 10% higher then the prior year and should be the first positive MGM EBITDA comp for MGM since 2Q07.

“We are looking for LV Strip RevPAR to be essentially flat. MGM was the weakest performing operator in our weekly room rate survey throughout the quarter. Its asking rates were up in only 5 out of the 12 weeks in the quarter (see charts on next page). For reference, LVS's 4Q RevPAR was -1% at the Venetian and -7% at the Palazzo, while WYNN reported an 8% RevPAR gain at its LV operations.”

Posted-In: Hudson Securities Las Vegas Sands Corp. MGM Resorts International Wynn ResortsNews Analyst Ratings


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