- Union Gaming lowers its 2019 adjusted EBITDA estimate on MGM Resorts (NYSE:MGM) to factor in the soft Nevada gaming win report for May.
- The firm now expects adjusted EBITDA of $742M for the full year vs. $768M prior and $770M consensus. Analyst John DeCree points to ongoing softness in baccarat in Las Vegas and a low hold percentage.
- Union Gaming keeps a Buy rating on MGM in place and price target of $38 vs. sell-side average PT of $33.33.
- Shares of MGM are up 19% YTD.
Union Gaming adjusts estimates on MGM Resorts
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