Hospitality and casino entertainment company MGM Resorts (NYSE:MGM) will be announcing earnings results tomorrow afternoon. Here’s what you need to know.
MGM Resorts beat analysts’ revenue expectations by 1.3% last quarter, reporting revenues of $4.35 billion, flat year on year. It was a satisfactory quarter for the company, with a solid beat of analysts’ EPS 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 decline 2.6% year on year to $4.27 billion, a reversal from the 13.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.46 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 missed Wall Street’s revenue estimates three times over the last two years.
Looking at MGM Resorts’s peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Monarch delivered year-on-year revenue growth of 3.1%, beating analysts’ expectations by 2.1%, and Boyd Gaming reported revenues up 3.2%, topping estimates by 2.1%. Monarch traded up 2.2% following the results while Boyd Gaming was also up 4.6%.
Read our full analysis of Monarch’s results here and Boyd Gaming’s results here.
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