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MGM (MGM) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
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MGM Resorts (MGM - Free Report) reported $3.94 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 20.8%. EPS of $0.59 for the same period compares to $0.03 a year ago.
The reported revenue represents a surprise of +4.80% over the Zacks Consensus Estimate of $3.76 billion. With the consensus EPS estimate being $0.53, the EPS surprise was +11.32%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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 - Occupancy: 96% versus the two-analyst average estimate of 94.19%.
Las Vegas Strip Resorts - Table Games Drop: $1,498 compared to the $1,564.55 average estimate based on two analysts.
Las Vegas Strip Resorts - Slots Handle: $5,947 versus the two-analyst average estimate of $5,740.10.
Las Vegas Strip Resorts - Average Daily Rate (ADR): $234 versus the two-analyst average estimate of $242.30.
Las Vegas Strip Resorts - Slots Win: $551 compared to the $536.92 average estimate based on two analysts.
Revenue- Total Las Vegas Strip Resorts: $2.15 billion compared to the $2.16 billion average estimate based on five analysts. The reported number represents a change of +0.4% year over year.
Revenue- Total Regional Operations: $926.10 million versus the five-analyst average estimate of $932.18 million. The reported number represents a year-over-year change of -3.5%.
Revenue- MGM China: $740.96 million versus the five-analyst average estimate of $559.61 million. The reported number represents a year-over-year change of +418.1%.
Revenues- Entertainment, retail and other: $420.71 million versus $452.06 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -5.5% change.
Revenues- Rooms: $815.32 million versus $867.36 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +5.2% change.
Revenues- Casino: $1.95 billion versus $1.52 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +43.8% change.
Revenues- Food and beverage: $743.24 million versus $713.11 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +9.7% change.
Shares of MGM have returned +14.2% over the past month versus the Zacks S&P 500 composite's +3% 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) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
MGM Resorts (MGM - Free Report) reported $3.94 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 20.8%. EPS of $0.59 for the same period compares to $0.03 a year ago.
The reported revenue represents a surprise of +4.80% over the Zacks Consensus Estimate of $3.76 billion. With the consensus EPS estimate being $0.53, the EPS surprise was +11.32%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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 - Occupancy: 96% versus the two-analyst average estimate of 94.19%.
- Las Vegas Strip Resorts - Table Games Drop: $1,498 compared to the $1,564.55 average estimate based on two analysts.
- Las Vegas Strip Resorts - Slots Handle: $5,947 versus the two-analyst average estimate of $5,740.10.
- Las Vegas Strip Resorts - Average Daily Rate (ADR): $234 versus the two-analyst average estimate of $242.30.
- Las Vegas Strip Resorts - Slots Win: $551 compared to the $536.92 average estimate based on two analysts.
- Revenue- Total Las Vegas Strip Resorts: $2.15 billion compared to the $2.16 billion average estimate based on five analysts. The reported number represents a change of +0.4% year over year.
- Revenue- Total Regional Operations: $926.10 million versus the five-analyst average estimate of $932.18 million. The reported number represents a year-over-year change of -3.5%.
- Revenue- MGM China: $740.96 million versus the five-analyst average estimate of $559.61 million. The reported number represents a year-over-year change of +418.1%.
- Revenues- Entertainment, retail and other: $420.71 million versus $452.06 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -5.5% change.
- Revenues- Rooms: $815.32 million versus $867.36 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +5.2% change.
- Revenues- Casino: $1.95 billion versus $1.52 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +43.8% change.
- Revenues- Food and beverage: $743.24 million versus $713.11 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +9.7% change.
View all Key Company Metrics for MGM here>>>Shares of MGM have returned +14.2% over the past month versus the Zacks S&P 500 composite's +3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.