Shares of MGM Resorts International (MGM) were up over 4% in yesterday's trading session after the company posted better-than-expected results for the first quarter of 2017 - From http://finance.yahoo.com/news/mgm-resorts-mgm-stock-rises-125712818.html
The upside reflects a significant increase in revenues from the company’s Las Vegas operations and MGM China as well.Adjusted property EBITDA (earnings before interest, taxes, and amortization) at MGM Resorts’ wholly owned domestic resorts was $648 million, up 34% year over year.
The Profit Growth Plan that commenced in Jul 2015 continues to pay off, which is reflected through improving profits.MGM ChinaNotably, the company owns approximately 56% of MGM China Holdings Limited, the owner of MGM Macau resort and casino, and is developing a gaming resort in Cotai.MGM China’s net revenue rose 7% year over year to $502 million due to higher revenues from main-floor table games, somewhat offset by decrease in revenues from VIP gamblers.Main-floor table games revenues increased 17% on the back of hold percentage increase of 420 basis points (bps) year over year to 22.2%.Meanwhile, VIP table games revenues witnessed a decline of 5% as turnover plunged 16% in the quarter.
Under the Resort operations, the company has three properties, namely, Aria, Vdara and Mandarin Oriental.Net revenue from CityCenter rose 8% year over year to nearly $326 million on the back of increase in casino, rooms, and food and beverage revenues, partly offset by a decline in entertainment revenues due to the Apr 2016 Zarkana show closure.Adjusted EBITDA was also up 22% to $112 million.
Further, for 2017, EPS is anticipated to increase 24.8%.The Zacks Consensus Estimate for Century Casinos’ 2017 earnings climbed 27.3% over the last 60 days.
Further, for 2017, EPS is projected to increase 47.4%.The Zacks Consensus Estimate for Penn National Gaming’s 2017 earnings climbed 27.5%, over the past 60 days.