MGM Resorts Expects Strong Revenue Growth in Q4 Earnings Report
MGM Resorts, a leading hospitality and casino entertainment company, is set to announce its fourth-quarter earnings tomorrow afternoon. Analysts are predicting impressive revenue growth for the company, with expectations of a 15.1% year-on-year increase to $4.14 billion. This follows a strong performance in the previous quarter, where MGM Resorts reported revenues of $3.97 billion, beating analyst expectations by 2%.
It’s worth noting that this anticipated growth is slightly slower than the 17.5% year-over-year increase the company achieved in the same quarter last year. Nevertheless, the adjusted earnings are expected to come in at $0.71 per share.
Investor confidence in MGM Resorts has been consistently high, and analysts have been increasingly optimistic about the company’s prospects. Over the past thirty days, revenue estimates have been revised upwards six times. MGM Resorts has an impressive track record of surpassing Wall Street’s expectations, exceeding revenue estimates by an average of 5.8% over the past two years.
Comparing MGM Resorts to its peers in the consumer discretionary segment, which include Boyd Gaming and Wynn Resorts, the company appears to be in a strong position. Boyd Gaming reported a 3.4% year-on-year growth in top-line revenue, surpassing analyst estimates by 2.7%. Meanwhile, Wynn Resorts reported an impressive 83.1% increase in revenues, which came in 5.9% above expectations. Both companies experienced a boost in stock prices following their earnings reports, with Boyd Gaming trading up 3.8% and Wynn Resorts up 4.1%.
Investors have shown positivity towards the consumer discretionary segment as a whole, with stocks in this sector up by an average of 4.5% over the past month. MGM Resorts has outperformed this trend, with its stock prices increasing by 10.9% during the same period. Analysts have set a price target of $54.7 for MGM Resorts, compared to the current share price of $46.8, indicating further potential for growth.
As MGM Resorts prepares to release its earnings report, investors and analysts will be closely watching the company’s revenue figures. Given its history of surpassing expectations and the positive momentum in the consumer discretionary sector, there is optimism surrounding MGM Resorts’ ability to deliver yet another strong performance.
Analyst comment
Positive news: MGM Resorts expects strong revenue growth in Q4 earnings report, with a predicted 15.1% year-on-year increase. Analysts have revised revenue estimates upwards six times, indicating confidence in the company. MGM Resorts has a track record of surpassing expectations and outperforming its peers in the consumer discretionary segment. Investor positivity towards the sector and MGM Resorts’ stock prices increasing by 10.9% in the past month suggest further potential for growth. As a result, analysts are optimistic about MGM Resorts’ ability to deliver another strong performance.
