Strong report from MGM Resorts lights up casino sector

Casino stocks show strength on the open after MGM Resorts (MGM +6.4%) blasts past analyst estimates with its Q1 report.

Room revenue in MGM's Las Vegas properties improved 13% while key metric REVPAR was up 14%.

China was as strong as ever for MGM: Revenue +26% Y/Y to $941M and EBITDA +33% to $241M.

Sector gainers: Melco Crown (MPEL) +3.3%, Wynn Resorts (WYNN) +1.8%, Las Vegas Sands (LVS) +1.7%, Boyd Gaming (BYD) +1.3%, Pinnacle Entertainment (PNK) +1.6%.

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Comments (4)
  • Coltgunsil
    , contributor
    Comments (87) | Send Message
    These stocks were beaten down when they should not have been. Amazing yoy earnings, spoiled by the actions of criminal junket reps who are now in jail and the relatively small(in the scheme of things) money recovered.
    29 Apr 2014, 10:46 AM Reply Like
  • Michael Bryant
    , contributor
    Comments (7341) | Send Message
    When will (MGM) spin off (MGM) China? Or has it already spun off?
    29 Apr 2014, 06:04 PM Reply Like
  • wrynot
    , contributor
    Comments (378) | Send Message
    No sense to spin that off now, just in 3rd inning, you'd only want to consider spinning off at a point of higher value maximization.
    2 May 2014, 12:07 PM Reply Like
  • freeman8201
    , contributor
    Comments (839) | Send Message
    It's on the HK stock exchange. MGM China (2282) so the ticker would be HK: 2282 on google finance. Mgm owns 51% of mgm china and the remainder was owned by one of Stanley Ho's daughter. Several years ago she sold 20% of her stake to the public on the HK stock market. MGM remains a 51% stock holder.
    2 May 2014, 07:45 PM Reply Like
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