MGM Resorts (MGM, $13.81) anticipates almost -30% y-o-y drop in Q1 revenue
MGM Resorts International warned of a nearly -30% year-over-year decline in its first-quarter revenue, as a result of coronavirus crisis-induced shutdown.
The Casino and hotel operator mentioned in a regulatory filing that its preliminary anticipation for first-quarter consolidated revenue was $2.3 billion – which represents a -29% drop from the year-ago quarter’s figure. It is also behind FactSet consensus estimate of $2.48 billion.
Net revenue at the Las Vegas Strip resorts is expected to come in at $1.1 billion, which is -21% lower from the year ago. Period.
Net revenue at MGM China is expected to be $272 million, which represents a -63% year-over-year decline.
The company mentioned that the global pandemic have had, and is expected to continue to have a substantial impact on its business.
MGM sees its 50-day moving average cross bullishly above its 200-day moving average
The 50-day moving average for MGM moved above the 200-day moving average on July 19, 2024. This could be a long-term bullish signal for the stock as the stock shifts to an upward trend.
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Notable companies
The most notable companies in this group are Las Vegas Sands Corp (NYSE:LVS), MGM Resorts International (NYSE:MGM), Wynn Resorts Limited (NASDAQ:WYNN), Melco Resorts & Entertainment Limited (NASDAQ:MLCO).
Industry description
Casinos/Gaming includes companies that operate casinos, gaming services, horse racing and harness racing facilities. Think Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts, Ltd. In periods of strong economic growth, consumers tend to spend on discretionary/leisure activities like gambling or games; but consumption is likely to slow down when there’s economic sluggishness.
Market Cap
The average market capitalization across the Casinos/Gaming Industry is 5.51B. The market cap for tickers in the group ranges from 152.98K to 38.96B. LVS holds the highest valuation in this group at 38.96B. The lowest valued company is ROBK at 152.98K.
High and low price notable news
The average weekly price growth across all stocks in the Casinos/Gaming Industry was -1%. For the same Industry, the average monthly price growth was -0%, and the average quarterly price growth was -5%. GLXZ experienced the highest price growth at 96%, while SLNA experienced the biggest fall at -34%.
Volume
The average weekly volume growth across all stocks in the Casinos/Gaming Industry was 366%. For the same stocks of the Industry, the average monthly volume growth was 306% and the average quarterly volume growth was 585%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Valuation Rating: 50
P/E Growth Rating: 67
Price Growth Rating: 63
SMR Rating: 72
Profit Risk Rating: 84
Seasonality Score: 0 (-100 ... +100)