MGM Resorts (NASDAQ:MGM) will unveil its latest earnings on Monday, August 8, 2011. MGM Resorts International is a holding company, which through its wholly-owned subsidiaries, owns and/or operates casino resorts.
MGM Resorts Earnings Preview Cheat Sheet
Wall St. Earnings Expectations: The average estimate of analysts is for net loss of 13 cents per share, a narrower loss from the year earlier quarter net loss of 35 cents. During the past three months, the average estimate has moved up from a loss of 15 cents. Between one and three months ago, the average estimate moved up, and has risen from a loss of 14 cents during the last month. For the year, analysts are projecting a loss of 59 cents per share, a swing from net income of $1.01 last year.
Past Earnings Performance: The company’s quarterly results have come in above estimates for the last three quarters. Last quarter, the company booked net loss of 16 cents per share versus a mean estimate of a loss of 19 cents per share.
Wall St. Revenue Expectations: On average, analysts predict $1.59 billion in revenue this quarter, a rise of 3.2% from the year ago quarter. Analysts are forecasting total revenue of $6.38 billion for the year, a rise of 6% from last year’s revenue of $6.02 billion.
Analyst Ratings: Analysts are bullish on MGM Resorts as 13 analysts rate it as a buy, one rates it as a sell and 12 rate it as a hold.
Revenue has now gone up for three straight quarters. In first quarter, revenue rose 3.3% to $1.5 billion while the figure rose 1% in the fourth quarter of the last fiscal year from the year earlier and 1.6% in the third quarter of the last fiscal year.
Competitors to Watch: Las Vegas Sands Corp. (NYSE:LVS), Wynn Resorts, Limited (NASDAQ:WYNN), Melco Crown Entertainment Ltd (NASDAQ:MPEL), Boyd Gaming Corporation (NYSE:BYD), Trans World Corporation (TWOC), Century Casinos, Inc. (NASDAQ:CNTY), Riviera Holdings Corp. (RVHLQ), Archon Corporation (ARHND), Ameristar Casinos, Inc. (NASDAQ:ASCA), and Monarch Casino & Resort, Inc. (NASDAQ:MCRI).
Stock Price Performance: During July 27, 2011 to August 2, 2011, the stock price had dropped $1.55 (-10%) from $15.43 to $13.88. The stock price saw one of its best stretches over the last year between June 29, 2011 and July 8, 2011 when shares rose for seven-straight days, rising 15.6% (+$2.02) over that span. It saw one of its worst periods between April 20, 2011 and April 29, 2011 when shares fell for seven-straight days, falling 5.5% (-74 cents) over that span. Shares are down 97 cents (-6.5%) year to date.
(Source: Xignite Financials)