Yahoo Finance MGM Resorts (MGM) To Report Earnings Tomorrow: Here Is What To Expect
Hospitality and casino entertainment company MGM Resorts (NYSE:MGM) will be reporting results tomorrow afternoon. Here's what to expect.
MGM Resorts beat analysts' revenue expectations by 3.7% last quarter, reporting revenues of $4.38 billion, up 13.2% year on year. It was a strong quarter for the company, with an impressive beat of analysts' earnings estimates and a decent beat of analysts' Casino revenue estimates.
Is MGM Resorts a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting MGM Resorts's revenue to grow 6.7% year on year to $4.21 billion, slowing from the 20.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.59 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. MGM Resorts has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 5.4% on average.
Looking at MGM Resorts's peers in the casino operator segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Monarch delivered year-on-year revenue growth of 3.6%, beating analysts' expectations by 1.5%, and Red Rock Resorts reported revenues up 16.9%, topping estimates by 2.2%. Monarch traded up 11% following the results while Red Rock Resorts was down 7.4%.
Read our full analysis of Monarch's results here and Red Rock Resorts's results here.
There has been positive sentiment among investors in the casino operator segment, with share prices up 11.2% on average over the last month. MGM Resorts's stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $56.2 (compared to the current share price of $42.77).
Today’s young investors likely haven’t read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next.
