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MGM (MGM) Reports Q3 Earnings: What Key Metrics Have to Say
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MGM Resorts (MGM - Free Report) reported $3.97 billion in revenue for the quarter ended September 2023, representing a year-over-year increase of 16.3%. EPS of $0.64 for the same period compares to -$1.39 a year ago.
The reported revenue represents a surprise of +3.30% over the Zacks Consensus Estimate of $3.85 billion. With the consensus EPS estimate being $0.55, the EPS surprise was +16.36%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how MGM performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Las Vegas Strip Resorts - Slots Handle: $5,698 compared to the $6,727.92 average estimate based on two analysts.
Las Vegas Strip Resorts - Table Games Win: $405 compared to the $430.01 average estimate based on two analysts.
Las Vegas Strip Resorts - Slots Win: $531 versus the two-analyst average estimate of $625.70.
Las Vegas Strip Resorts - Table Games Drop: $1,491 compared to the $1,829.81 average estimate based on two analysts.
Revenue- Total Las Vegas Strip Resorts: $2.11 billion versus the five-analyst average estimate of $2.07 billion. The reported number represents a year-over-year change of -8.5%.
Revenue- Corporate and other: $129.86 million versus the five-analyst average estimate of $128.58 million.
Revenue- MGM China: $812.53 million versus the five-analyst average estimate of $774.36 million. The reported number represents a year-over-year change of +828.8%.
Revenue- Total Regional Operations: $924.96 million versus $900.83 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -5% change.
Revenues- Rooms: $827.09 million versus $864.21 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a 0% change.
Revenues- Food and beverage: $698.26 million versus $721.56 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -3.4% change.
Revenues- Casino: $2.05 billion versus the two-analyst average estimate of $1.61 billion. The reported number represents a year-over-year change of +45.7%.
Revenues- Las Vegas Strip Resorts- Rooms: $694.55 million versus the two-analyst average estimate of $698.11 million.
Shares of MGM have returned +2.4% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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MGM (MGM) Reports Q3 Earnings: What Key Metrics Have to Say
MGM Resorts (MGM - Free Report) reported $3.97 billion in revenue for the quarter ended September 2023, representing a year-over-year increase of 16.3%. EPS of $0.64 for the same period compares to -$1.39 a year ago.
The reported revenue represents a surprise of +3.30% over the Zacks Consensus Estimate of $3.85 billion. With the consensus EPS estimate being $0.55, the EPS surprise was +16.36%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how MGM performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Las Vegas Strip Resorts - Slots Handle: $5,698 compared to the $6,727.92 average estimate based on two analysts.
- Las Vegas Strip Resorts - Table Games Win: $405 compared to the $430.01 average estimate based on two analysts.
- Las Vegas Strip Resorts - Slots Win: $531 versus the two-analyst average estimate of $625.70.
- Las Vegas Strip Resorts - Table Games Drop: $1,491 compared to the $1,829.81 average estimate based on two analysts.
- Revenue- Total Las Vegas Strip Resorts: $2.11 billion versus the five-analyst average estimate of $2.07 billion. The reported number represents a year-over-year change of -8.5%.
- Revenue- Corporate and other: $129.86 million versus the five-analyst average estimate of $128.58 million.
- Revenue- MGM China: $812.53 million versus the five-analyst average estimate of $774.36 million. The reported number represents a year-over-year change of +828.8%.
- Revenue- Total Regional Operations: $924.96 million versus $900.83 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -5% change.
- Revenues- Rooms: $827.09 million versus $864.21 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a 0% change.
- Revenues- Food and beverage: $698.26 million versus $721.56 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -3.4% change.
- Revenues- Casino: $2.05 billion versus the two-analyst average estimate of $1.61 billion. The reported number represents a year-over-year change of +45.7%.
- Revenues- Las Vegas Strip Resorts- Rooms: $694.55 million versus the two-analyst average estimate of $698.11 million.
View all Key Company Metrics for MGM here>>>Shares of MGM have returned +2.4% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.