Melco Resorts (MLCO) Q2 Earnings Lag, Sales Beat Estimates
Zacks Investment Research | Jul 26, 2017 09:26PM ET
Melco Resorts & Entertainment Limited (NASDAQ:MLCO) operates casino gaming and entertainment resort facilities in Asia.
Notably, Melco Resorts revenues have been hurt by its sluggish performance in Macau over the past few quarters. Nevertheless, per the Macau Gaming Inspection and Coordination Bureau, gross gaming revenues (GGR) rose in all the three months of the quarter, indicating that the Macau market might be on the recovery path. Still, it will take some time for the region to return to its former glory as concerns related to the sustainability of revenues from the VIP market linger.
Even so, a comparatively better performance at the non-gaming segments like rooms and food and beverages, are somewhat driving revenues. Also, the company’s cost-control efforts including effective management of marketing expenses are boosting profits and margins.
Investors should note that the consensus estimate for MLCO has been rising over the last 60 days. Meanwhile, MLCO’s earnings have been strong over the past few quarters. In fact, the company posted positive earnings surprises in each of the last four quarters, with an average beat of 130.42%. Revenues also outpaced the Zacks Consensus Estimate in three of the trailing four quarters.
Melco Crown Entertainment Limited Price and EPS Surprise
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