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MGM Resorts International (MGM) - free report >>
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MGM Resorts International (MGM) - free report >>
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MGM Resorts (MGM) Increases Profit Growth Plan Target
MGM Resorts International (MGM - Free Report) recently raised its previously issued profit growth plan target on its analyst day.
The company now expects to achieve annual adjusted EBITDA benefit of $400 million by the end of 2017, an increase from its previously announced target of $300 million.
MGM Resorts has shown impressive growth since the announcement of its Profit Growth Plan less than a year ago. MGM Resorts’ Profit Growth Plan that began in Aug 2015 focuses on improving revenues and reducing expenses by optimum use of resources; improving purchasing power as well as utilizing technology to improve analytics and forecasting tools.
MGM RESORTS INT Price and Consensus
MGM RESORTS INT Price and Consensus | MGM RESORTS INT Quote
Initially, most of the initiatives were expected to be rolled out by 2016 and the company targeted approximately $300 million of incremental adjusted EBITDA by 2017, translating into a margin of 30%. Most of the benefits were anticipated to come from wholly-owned domestic resorts. The company reaped benefits from the plan in the first quarter.
MGM Resorts is one of the leading companies in the gaming and lodging industry and is well poised to grow strategically. The company’s superior business model, extensive non-gaming revenue opportunities, high quality assets and attractive property locations help it to withstand any downturn in the economy.
MGM Resorts currently has a Zacks Rank #3 (Hold).
Better-ranked stocks in the same sector are Isle of Capri Casinos, Inc. , Monarch Casino & Resort Inc. (MCRI - Free Report) and Ubisoft Entertainment SA (UBSFY - Free Report) . While Isle of Capri Casinos sports a Zacks Rank #1 (Strong Buy), Monarch Casino and Ubisoft have a ZacksRank #2 (Buy).
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