MGM Resorts International (NYSE:MGM) is reporting third quarter earnings results on Thursday 29th October 2020, after market close.
The consensus estimates from Thomson Reuters are loss of $ 1.04 per share.
For the full year, analysts predict revenues of $ 5549.98 million, while looking forward to loss of $ 2.34 per share.
Previous Quarter Performance
MGM Resorts International disclosed loss for the second quarter of $ 1.52 per share, from the revenue of $ 289.81 million. The quarterly revenues reduced 91.01 percent compared with the same quarter last year. According to street consensus, MGM was expected to report 2Q20 loss of $ 1.69 per share from revenue of $ 392.47 million. The bottom line results beat street analysts by $ 0.17 or 10.06 percent, at the same time, top line results fell short of analysts by $ 102.66 million or 26.16 percent.
Stock Performance
Shares of MGM Resorts International traded low $ -0.94 or -4.47 percent on Wednesday, reaching $ 20.10 with volume of 18.60 million shares. MGM Resorts International has traded high as $ 20.64 and has cracked $ 19.81 on the downward trend
According to the previous trading day, closing price of $ 20.10, representing a 256.61 % increase from the 52 week low of $ 5.90 and a 39.26 % decrease over the 52 week high of $ 34.64.
The company has a market capital of $ 9.91 billion and is part of the Consumer Cyclical sector and Resorts & Casinos industry.
Recent Analyst recommendations
- On 12th October 2020, downgraded by Barclays to Underweight from Equal-Weight rating, with $ 20.00 target price.
- On 16th September 2020, downgraded by Roth Capital to Neutral from Buy rating, with $ 19.00 target price.
- On 14th September 2020, downgraded by Goldman Sachs Group to Sell from Neutral rating, with $ 20.00 target price.
- On 9th September 2020, maintained by JPMorgan Chase & Co. at Neutral rating, with $ 23.00 target price.
Recent Stock Dividend Announcement
On July 30, 2020, the board of directors authorized quarterly dividend of $ 0.0025 per share to holders of record as of the close of business on September 10, 2020, with payment date of September 15, 2020 and ex-dividend date on September 9, 2020.
Conference Call
MGM Resorts International will be hosting a conference call at 5:00 PM eastern time on 29th October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website www.mgmresorts.com
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
