Will China Operations Drive MGM Resorts' (MGM) Q3 Earnings?
Zacks Investment Research | Oct 24, 2019 10:55PM ET
MGM Resorts International (NYSE:MGM) is scheduled to report third-quarter 2019 results on Oct 30. In the last reported quarter, the company’s earnings missed the Zacks Consensus Estimate by 8%.
Q3 Expectations
The Zacks Consensus Estimate for third-quarter earnings is pegged at 29 cents, indicating an improvement of 20.8% from the year-ago quarter figure. Over the past 30 days, the company’s earnings estimates have been revised downward by 2 cents. For quarterly revenues, the consensus mark is pegged at $3,370 million, suggesting growth of 11.3% from the prior-year reported figure.
Let’s take a look at how things are shaping up prior to this announcement.
Factors Likely to Impact Q3 Results
MGM Resorts’ third-quarter results are likely to have benefited from robust performance of both China and domestic operations. Further, the consensus mark for revenues from operations in China stands at $762 million, indicating an improvement of 25.7% from the year-ago quarter. Robust convention and room rate are likely to get reflected in the third-quarter results.
The company’s Las Vegas operation is likely to have benefited from improving economic scenario and increased tourism numbers. Meanwhile, MGM Resorts has been consistently making important investments wherever it sees an opportunity. Moreover, the company’s third quarter results are likely to reflect its solid business model and extensive non-gaming revenues.
MGM Resorts International Price and EPS Surprise
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