MGM Resorts' (MGM) Strong Q3 Results Upstaged by REIT Announcement, Says Deutsche Bank
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Wells Fargo Aggressive REIT Valuation Helps Support an Outperform Rating on MGM (MGM)
October 30, 2015 11:47 AM EDTWells Fargo reiterated its Outperform rating on MGM Resorts (MGM) after earnings with a $25-27 valuation range. The range is based on aggressive multiple assumptions for MGMs planned REIT spin, which they value at 14x 2016E EBITDA. They believe these multiples can be sustained with continued operational improvements at MGM.
Overall though, the share price performance will be dependent on whether... More
MGM Resorts (MGM) Tops Q3 EPS by 8c, Submits S-11 for REIT
October 29, 2015 7:04 AM EDTMGM Resorts (NYSE: MGM) reported Q3 EPS of $0.12, $0.08 better than the analyst estimate of $0.04. Revenue for the quarter came in at $2.28 billion versus the consensus estimate of $2.3 billion.
MGM China
Key third quarter results for MGM China include the following:MGM China earned net revenue of $529 million, a 33% decrease compared to the prior year quarter;Main floor table games revenue decreased 30% compared to the prior year quarter;VIP table games revenue decreased 39% due to a decrease in VIP table games turnover of 55% compared to the prior year quarter,... More