For the quarter ended December 2025, PENN Entertainment (PENN) reported revenue of $1.81 billion, up 8.2% over the same period last year. EPS came in at $0.07, compared to -$0.44 in the year-ago quarter.The reported revenue represents a surprise of +3.18% over the Zacks Consensus Estimate of $1.75 billion. With the consensus EPS estimate being -$0.23, the EPS surprise was +130.32%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

The upcoming report from PENN Entertainment (PENN) is expected to reveal quarterly loss of -$0.21 per share, indicating an increase of 52.3% compared to the year-ago period. Analysts forecast revenues of $1.75 billion, representing an increase of 5.1% year over year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 256.3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before ...

Core Insights - The inaugural Drink Las Vegas festival will take place from September 24 to 27, 2026, hosted by MGM Resorts International, featuring renowned beverage and culinary experts [1] - The festival aims to celebrate modern beverage culture through over 50 dynamic events, including education sessions, tasting experiences, and brand showcases [1] Group 1: Event Overview - Drink Las Vegas will span four luxury resorts on the Las Vegas Strip, including Bellagio, ARIA, The Cosmopolitan of Las Vegas, and Park MGM [1] - The festival will feature VIP and premium experiences, speakeasy takeovers, education sessions, panels, master classes, signature cocktail events, intimate dining experiences, and signature tastings [1] Group 2: Industry Collaboration - The event is organized in collaboration with experiential event agency a21 and sports management agency PRP, highlighting the intersection of mixology, wine, spirits, and culinary innovation [1] - The festival aims to set a new standard for how beverage culture is celebrated, bringing together industry leaders and innovators [1] Group 3: Company Background - MGM Resorts International is a global gaming and entertainment company with a portfolio of 31 unique hotel and gaming destinations, recognized for creating immersive experiences [1] - a21 specializes in live experience events and has a portfolio that includes internationally recognized festivals and events across the US [2] - PRP is a sports and entertainment management company that represents global superstars and oversees brand partnerships and media strategy [2]

Market Overview - Mid cap equities showed flat to slightly positive performance in Q4, with the Russell Midcap Index returning 0.16% [2] - Market dynamics were influenced more by investor sentiment and positioning rather than macroeconomic factors, leading to uneven earnings reactions [2] - Mid cap equities lagged behind both small and large caps for the year, despite improvements in fundamentals for many mid cap businesses [3] Performance Analysis - The ClearBridge Mid Cap Strategy underperformed its benchmark due to broad market headwinds and uneven earnings reactions, despite solid execution in the portfolio [4] - Information technology and real estate sectors were significant detractors, while consumer discretionary holdings provided some positive contributions [4][5] Sector-Specific Insights - The IT sector faced challenges as investor sentiment weakened towards software businesses, impacting companies like Teledyne Technologies and Bentley Systems [5] - Real estate was pressured by Alexandria Real Estate Equities due to a slowdown in biopharma research spending, leading to a decline in leasing demand [6] - Consumer discretionary sector saw positive performance from companies like Light & Wonder and Expedia, which benefited from improved execution and market conditions [7] Portfolio Positioning - The company reallocated capital towards businesses with durable fundamentals and recurring revenue profiles, while exiting positions with unfavorable risk-reward profiles [9] - New positions were initiated in Casella Waste Systems and Tyler Technologies, focusing on companies with strong recurring revenue models [10] - Exited positions included Corpay and DraftKings due to emerging competitive uncertainties [11] Future Outlook - The environment for mid cap equities is expected to improve, with signs of easing market imbalances and potential for reaccelerated business investment [13][14] - A normalization of capital allocation could benefit mid cap companies with strong cash flows and attractive valuations [14] - The company is focusing on bottom-up stock selection and balanced portfolio construction to navigate the evolving opportunity set [15] Portfolio Highlights - The ClearBridge Mid Cap Strategy underperformed the Russell Midcap Index, with contributions primarily from consumer discretionary and health care sectors [16] - Stock selection in various sectors, including IT and real estate, detracted from performance, while consumer discretionary sector selection provided some benefits [17] - Notable individual stock performance included detractors like Alexandria Real Estate Equities and contributors like Light & Wonder and Expedia [18]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The Macau gaming industry showed a solid start in 2026 with a 24% year-on-year growth in January's GGR, reaching 90.7% of the January 2019 level. The 2026 GGR target of MOP236bn seems conservative based on the 2025 growth momentum [7][10][11]. - In the fixed - income market, there were various price movements across different sectors such as Chinese/HK higher - yielding space, Chinese properties, SE Asian space, etc. Some bonds tightened while others widened or declined in price [2]. - Chinese IG KUAISH/MEITUA recovered and tightened 1 - 3bps in the morning [3]. 3. Summary by Directory Trading Desk Comments - In the FRN space, there were balanced two - way flows across AU/JP financial names, MAYMK, 2 - 3yr Korean quasi - sovereign issues, and HYNMTR, with the latter closing 1 - 2bps tighter. Front - end to belly Chinese AMC papers, POE/TMTs, and belly financial papers saw initial selling, widening spreads by 1 - 3bps, but spreads largely closed unchanged. TW lifers widened 3 - 5bps, and the Macau gaming complex had a range of - 0.2pt to + 0.1pt change. In Chinese/HK higher - yielding space, WESCHI 26 rose 1.4pts and WESCHI 28 edged 0.2pt higher, while EHICAR 26 - 27 dropped 0.7 - 2.3pts. In Chinese properties, VNKRLE 27 - 29 were 0.9 - 1.7pts lower. In SE Asian space, VLLPM 27 - 29 dived 7.6 - 9.6pts [2]. - In the morning, Chinese IG KUAISH/MEITUA recovered and tightened 1 - 3bps. RMs were buying perps, and PBs were switching out of short - dated to call EU AT1s. ACPM 4.85 Perp/FAEACO 12.814 Perp were 0.7 - 0.9pt lower, and NWDEVL 27 - 28 recovered 0.5 - 0.6pt [3]. Macro News Recap - On Monday, S&P (+0.54%), Dow (+1.05%), and Nasdaq (+0.56%) were higher. The S&P Global Manufacturing January 2026 PMI was 52.4 (higher than the expected 51.9), ISM Manufacturing January 2026 Prices was 59.0 (lower than the expected 59.3), and ISM Manufacturing January 2026 PMI was 52.6 (higher than the expected 48.5). The UST yield was higher, with 2/5/10/30 - year yields at 3.57%/3.83%/4.29%/4.90% [6]. Desk Analyst Comments - Macau's gross gaming revenue (GGR) in January 2026 increased 24.0% year - on - year to MOP22.6bn, representing 90.7% of the January 2019 GGR and being the highest January figure since 2019. The 2026 GGR target of MOP236bn seems conservative as GGR in 2025 increased 9.1% to MOP247.4bn, exceeding the revised forecast of MOP228bn. The 2026 forecast represents a 3.5% year - on - year growth from the 2025 revised GGR forecast. In 2025, Macau's tourist arrival was 40.1mn, a 15% year - on - year increase and exceeding the 2019 record [7][10][11]. - Macau gaming bonds are considered lower - beta and good carry plays. Top picks are MPELs and STCITYs, and WYNMAC'27 and '29 are yield pick - up plays. The report is neutral on MGMCHIs, SANLTDs, and SJMHOLs [13]. Offshore Asia New Issues - Priced: CMBC International Funding (HK) issued USD300mn with a 3 - year tenor at SOFR + 60, rated - / - /BBB - [17]. - Pipeline: No offshore Asia new issues pipeline on this day [18]. News and Market Color - There were 89 credit bonds issued onshore yesterday with an amount of RMB88bn. No credit bonds were issued on 2 Feb 2025 due to the Chinese New Year holiday. Trump said he would roll back 25% punitive tariffs and cut the levy on Indian goods to 18% from 25% in return for India stopping buying Russian oil. China's local government debt increased 15% in 2025 and remains manageable. Indonesia's coal exports declined 19.7% last year to USD24.5bn due to falling global prices. Huatai Securities raised USD698.6mn by selling HKD and RMB - denominated guaranteed bonds due 2028. UPL Limited 9MFY26 EBITDA rose 22% year - on - year to INR59.1bn (cUSD648mn) [19][20].

Core Insights - MGM Resorts International is valued at a market cap of $9.5 billion and operates casino resorts in Las Vegas, offering various amenities and online gaming options [1] - The company is expected to announce its fiscal Q4 earnings for 2025 on February 11, with analysts predicting a profit of $0.62 per share, a 37.8% increase from the previous year [2] - For the current fiscal year ending in December, MGM is projected to report a profit of $2.39 per share, down 7.7% from $2.59 in fiscal 2024, with further expected decline to $2.05 in fiscal 2026 [3] Financial Performance - MGM reported total revenue of $4.3 billion for Q3, a 2% year-over-year increase, slightly above consensus estimates, but its adjusted EPS of $0.24 decreased by 55.6% from the previous year, missing Wall Street expectations by 35.1% [5] - Over the past 52 weeks, MGM's stock has gained 7.2%, underperforming the S&P 500 Index's 19.3% return and the State Street Consumer Discretionary Select Sector SPDR ETF's 11.9% increase [4] Analyst Ratings - Wall Street analysts have a "Moderate Buy" rating on MGM, with 21 analysts covering the stock: 8 recommend "Strong Buy," 11 suggest "Hold," and 2 indicate "Strong Sell" [6] - The mean price target for MGM is $42.72, suggesting a potential upside of 23.3% from current levels [6]

Core Viewpoint - VIP Entertainment Technologies Inc. intends to adopt BPT Token as the primary currency for its global gaming and entertainment platform, Alchemist Republic, under a non-binding Memorandum of Understanding [1][2] Group 1: BPT Token Integration - BPT Token will serve as a utility token for payments, rewards, and access to content and services within the Alchemist Republic platform [2] - The integration of BPT Token aims to create an open, market-linked platform economy, moving away from a closed, internal point-based system [3] Group 2: Strategic Objectives - The company plans to enhance the Alchemist Republic platform through platform renewal, onboarding new games and content, and implementing Web3-oriented functionality [4] - The initiative is expected to improve consistency across payment and reward systems, enhance accessibility for global users, and provide a scalable economic infrastructure for future content [7] Group 3: Company Overview - VIP Entertainment Technologies Inc. is undergoing a restructuring process under new management, focusing on stabilizing its financial position and enhancing shareholder value [9] - The company is committed to developing and expanding its global digital content platforms, integrating next-generation Web3 technologies, and building sustainable digital ecosystems [10]

Financial Results Announcement - MGM Resorts International will release its financial results for Q4 and full year 2025 on February 11, 2025, after market close [1] - A conference call will be held on the same day at 5:00 p.m. Eastern Time to discuss the results, followed by a Q&A session [1] Conference Call Access - The call can be accessed via the internet or by phone, with specific numbers provided for domestic and international callers [2] - A replay of the call will be available until February 18, 2026, with access codes for replay provided [2] Company Overview - MGM Resorts International is a global gaming and entertainment company, part of the S&P 500, with a portfolio of 31 hotel and gaming destinations [3] - The company operates BetMGM, a sports betting and online gaming venture, and is expanding into Asia with a resort development in Japan [3] - MGM Resorts is recognized for its commitment to sustainability and has been listed among FORTUNE Magazine's World's Most Admired Companies [3]

Core Viewpoint - Caesars Entertainment Inc. has shown strong performance recently, with a significant stock price increase following a rating upgrade and price target revision by an investment firm [1][2]. Group 1: Stock Performance - Caesars Entertainment's stock rose by 9 percent to close at $25.07 after two days of losses [1]. - The investment firm Susquehanna upgraded its rating from "neutral" to "positive" and raised the price target by 24 percent from $25 to $31 [2]. Group 2: Earnings Outlook - The optimistic revision reflects expectations for higher earnings driven by strong regional operations, which account for 40 percent of the company's value [3]. - Improvements are anticipated from normalized promotional spending and additional factors such as tax refunds [3]. Group 3: Operational Insights - Susquehanna expects sequential improvement in Caesars' Las Vegas operations, influenced by a higher group and convention mix, particularly benefiting the company in the fourth and first quarters [4]. - Despite facing strategic gaps compared to premium competitors, Caesars, as a low-cost operator with high financial leverage, has the potential to drive share prices higher if expected improvements materialize [5].

Group 1 - There are growing fears of a potential recession due to various economic indicators [1] - The job market is cooling at a rapid pace, indicating a slowdown in employment opportunities [1] - Consumer spending is softening, suggesting a decrease in economic activity and consumer confidence [1] - The ongoing trade war is contributing to higher economic uncertainty [1]