Matthew Fowler Data from the TSA shows continued record traveler volume. Individuals and families are venturing around the country and abroad, all while business events seem to be booming. That is good news for firms in the Casinos and Gaming industry. What's more, as more individuals place bets electronically, there’s a broad tailwind for firms operating online sports and iGaming. I have a buy rating on MGM Resorts International (NYSE:MGM). I see the stock as undervalued with earnings stabilizing at a ...

halbergman Investment Thesis MGM Resorts International (NYSE:MGM) stock is down by about 6.17% over the last year, trailing the S&P 500 by a margin of about 31.52%. Seeking Alpha Despite the underwhelming performance, I am bullish on this stock given the company's strong financial performance which I believe will amount to solid fundamentals, hence bullish sentiments in the market. In addition, the company has an impressive strategic expansion, which bodes well for its long-term growth. From a valuation and ...

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MGM Resorts International (MGM) reported impressive first-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was driven by solid performances at MGM China and luxury resort properties in Las Vegas.  Following the results, the stock moved up 3.5% during the after-hours trading session.Earnings & Revenue DiscussionMGM Resorts reported earnings per share (EPS) of 74, outpacing the Zacks Consensus ...

MGM Resorts International (NYSE:MGM) Q1 2024 Earnings Call Transcript May 1, 2024 5:00 PM ET Company Participants Andrew Chapman - Director, Investor Relations Jonathan Halkyard - Chief Financial Officer William Hornbuckle - Chief Executive Officer and President Corey Sanders - Chief Operating Officer Kenneth Feng - President and Executive Director, MGM China Hubert Wang - COO and President of MGM China Holdings Conference Call Participants Joseph Greff - JPMorgan Shaun Kelley - Bank of America Carlo Santar ...

F I R S T Q U A R T E R 2 0 2 4 E A R N I N G S M a y 1 , 2 0 2 4 1 M G M R E S O R T S I S A N I N T E R N A T I O N A L B R A N D ...

MGM Resorts (MGM) reported $4.38 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 13.2%. EPS of $0.74 for the same period compares to $0.44 a year ago.The reported revenue represents a surprise of +4.81% over the Zacks Consensus Estimate of $4.18 billion. With the consensus EPS estimate being $0.60, the EPS surprise was +23.33%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

MGM Resorts (MGM) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.60 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.33%. A quarter ago, it was expected that this casino and resort operator would post earnings of $0.67 per share when it actually produced earnings of $1.06, delivering a surprise of 58.21%.Over the last four quarters ...

Record-High Performance and Market Share HONG KONG, May 1, 2024 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three months ended March 31, 2024 (the "Period"). The Group is pleased to see a continuous recovery in Macau. Average daily visitor arrival for the Period reached 97,536 up 8%from the previous quarter, recovered to 85% of same period in 20 ...

Financial Performance - Consolidated net revenues increased by 13% to $4,383,470,000 for the three months ended March 31, 2024, compared to $3,873,296,000 in the prior year quarter, driven by a 71% increase at MGM China and a 4% increase at Las Vegas Strip Resorts[93]. - Operating income decreased by 37% to $458,378,000 for the three months ended March 31, 2024, compared to $730,839,000 in the prior year quarter, primarily due to a $398 million gain in the prior year related to the sale of Gold Strike Tunica[94]. - MGM China net revenues increased by 71% to $1,056,017,000 for the three months ended March 31, 2024, compared to $617,592,000 in the prior year quarter, mainly due to a 66% increase in casino revenues[104][105]. - Las Vegas Strip Resorts rooms revenue increased by 10% to $827,253,000 for the three months ended March 31, 2024, compared to $751,691,000 in the prior year quarter, attributed to an increase in average daily rate (ADR) due to the Super Bowl[98]. - Regional Operations net revenues decreased by 4% to $909,479,000 for the three months ended March 31, 2024, compared to $945,843,000 in the prior year quarter, primarily due to the disposition of Gold Strike Tunica[101]. - For the three months ended March 31, 2024, the company reported net income attributable to MGM Resorts International of $217.5 million, a decrease of 53.5% compared to $466.8 million in the same period of 2023[124]. - Adjusted EBITDAR for the three months ended March 31, 2024, was $1.23 billion, reflecting a significant decline from the previous year's $1.36 billion[124]. Revenue and Expenses - Cash provided by operating activities decreased to $549 million in Q1 2024 from $704 million in Q1 2023, primarily due to a decrease in working capital[129]. - Capital expenditures for the three months ended March 31, 2024, totaled $172 million, compared to $140 million in the same period of 2023[132][133]. - Corporate and other revenue increased to $162,945,000 for the three months ended March 31, 2024, compared to $133,709,000 in the prior year quarter, reflecting growth in LeoVegas and other corporate operations[106]. Tax and Debt Management - The effective income tax rate for the three months ended March 31, 2024, was 12.7%, down from 25.7% in the same period of 2023, mainly due to increased gaming profits in Macau[117]. - Cash used in financing activities was $629 million in Q1 2024, a significant reduction from $2.4 billion in Q1 2023[134]. - The company made net repayments of debt totaling $77 million during the three months ended March 31, 2024, compared to $1.8 billion in the same period of 2023[135][136]. - The company amended its senior secured credit facility to increase it to $2.3 billion and extended the maturity date to February 2029[141]. - In April 2024, the company issued $750 million in senior notes due 2032, using the proceeds to redeem $750 million in senior notes due 2025[141]. Assets and Cash Flow - As of March 31, 2024, current assets were $3.4 billion, down from $3.8 billion as of December 31, 2023[128]. - As of March 31, 2024, the company had cash and cash equivalents of $2.7 billion, with $622 million held by MGM China, and total indebtedness of $6.3 billion[140]. - Expected cash interest payments over the next twelve months are approximately $345 million to $355 million on a consolidated basis, which includes MGM China[142]. - The company is required to make annual cash rent payments of $1.8 billion over the next twelve months under triple-net lease agreements[143]. Future Plans and Investments - Planned capital expenditures for the remainder of 2024 are expected to be approximately $675 million to $725 million domestically, and $150 million to $200 million at MGM China[145]. - The company is exploring a commercial gaming facility in New York, with an estimated project cost of approximately $2 billion, including a $500 million license fee[146]. - The company expects to fund its share of the Osaka IR KK development project in Japan, estimated at 306 billion yen (approximately $2.0 billion), over the next five years[146]. Shareholder Returns and Dividends - MGM China's Board of Directors declared a special dividend of $51 million for 2023, with the company receiving approximately $29 million[147]. - The company has suspended regular dividend payments to stockholders and may not resume them in the foreseeable future[154]. Risks and Challenges - Significant competition in destination travel locations and the impact of economic conditions on business operations are noted as risks[154]. - The company faces substantial indebtedness and financial commitments, which could adversely affect development options and financial results[154]. - The cybersecurity issue from September 2023 has raised concerns regarding operational impacts and potential legal proceedings[156]. - Future construction and expansion projects are subject to significant development and construction risks, which could impact operational success[155]. - The company emphasizes the importance of maintaining the integrity of information systems to protect customer data and avoid reputational harm[155].