MGM Resorts Says New Plan Will Make Millions, Mirage Not For Sale

Gabelli assumed coverage on shares of MGM Resorts worldwide in a research report on Tuesday, July 14th.

Supporters of the law had expressed concern that the new $800 million MGM casino in Springfield, one of three casino resorts featuring table games allowed in Massachusetts by a 2011 law, would siphon off customers. Barclays reaffirmed an “equal weight” rating on shares of MGM Resorts global in a research note on Thursday, July 16th.

Other study analysts have also issued research reports concerning the stock. The stock has a 52-week high price of $340.34 and its 52-week low was recorded at $201.91, while during last trade its minimum price was $331.20 and it gained the highest price of $336.40.

Currently, MGM has a Zacks Rank #3 (Hold) but that could change following MGM Resorts’ earnings report which was just released. The stock presently has an average rating of Buy and a consensus price target of $25.65. On last trading day company shares ended up $19.85. MGM Resorts worldwide has a 12 month low of $16.84 and a 12 month high of $27.10. The company has a market-cap of $10.44 billion and a price-to-earnings ratio of 22.78. The stock’s 50 day moving average is $18.66 and its 200-day moving average is $20.29.

Wall Street will be paying close attention when MGM Resorts worldwide reports their next quarterly earnings report on 2015-08-04.

The company reported $0.17 EPS for the quarter, beating the analysts’ consensus estimate of $0.11 by $0.06. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 million. Casino revenue rose 5 percent, room revenue rose 6 percent and the company said that the Mayweather-Pacquiao boxing match – held at the MGM Grand Garden Arena May 2 – contributed to a 3 percent increase in food and beverage revenue.

MGM’s real estate has been the subject of much attention this year.

Instead, the company is drilling into employee roles and shifting people into 1,000 open internal positions where they’re more needed. Through its fully owned subsidiaries, the Business operates and owns casino resorts.

Wynn Resorts Macau operations have left the operator with disappointment for its year-on-year losses to June 30.

Its bid was ultimately unsuccessful with Wynn Resorts Ltd winning the rights to build a $1.75 billion casino just outside Boston. It runs over 15 fully owned resorts in the United States.

MGM and other big casino companies relied more on robust revenue growth from their Macau operations to bolster results in recent years. The company operates through two segments: Las Vegas Operations, which includes Wynn Las Vegas and Encore at Wynn Las Vegas, and Macau Businesses, which comprises Encore and Wynn Macau at Wynn Maca. It also owns Fallen Oak golf course in Saucier, Mississippi, Primm Valley Golf Club at the California/Nevada state line and Shadow Creek.