Gambling Stock Roundup: Melco Crown Tops & Boyd Gaming Lags Earnings; MGM Resorts Buys Boyd Gaming Stake
Zacks Investment Research | Aug 07, 2016 10:01PM ET
The gambling industry’s focus has been on second-quarter 2016 earnings in the past week.
Both Melco Crown Entertainment Limited (NASDAQ:MPEL) and MGM Resorts International (NYSE:MGM) posted mixed results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. In a separate development, MGM Resorts completed the acquisition of a 50% stake in Boyd Gaming Corporation's (NYSE:BYD) Borgata Hotel Casino & Spa.
However, quarterly results for Boyd Gaming were lower than expected for both earnings and revenues. Meanwhile, Churchill Downs Inc. (NASDAQ:CHDN) beat both top and bottom-line expectations.
On the other hand, Zynga, Inc. (NASDAQ:ZNGA) posted a loss which was in line with the Zacks Consensus Estimate while revenues were better than expected. Meanwhile, Century Casinos Inc.’s (NASDAQ:CNTY) earnings lagged the Zacks Consensus Estimate, however, revenues were in line with the consensus mark.
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