MGM Resorts International (MGM) reported quarterly earnings results on Thursday, Aug-4-2016. The company said it had a profit of $0.29 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.04. Analysts had a consensus of $0.25. The company posted revenue of $2269.50 million in the period, compared to analysts expectations of $2330.39 million. The company’s revenue was down -4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS.
Many Wall Street Analysts have commented on MGM Resorts International. Company shares were Reiterated by Telsey Advisory Group on Jun 17, 2016 to “Outperform”, Firm has raised the Price Target to $ 29 from a previous price target of $27 .Company shares were Reiterated by Stifel on Jun 9, 2016 to “Buy”, Firm has raised the Price Target to $ 30 from a previous price target of $27 .
MGM Resorts International closed down -0.16 points or -0.67% at $23.8 with 67,98,259 shares getting traded on Tusday. Post opening the session at $24.16, the shares hit an intraday low of $23.58 and an intraday high of $24.3 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.
In a different news, on Jun 14, 2016, Mary Christine Gay (director) sold 5,300 shares at $23.89 per share price. According to the SEC, on Jun 2, 2016, Rose Mckinney-james (director) sold 2,948 shares at $23.33 per share price. On May 25, 2016, John Mcmanus (EVP GENERAL COUNSEL AND SECY) sold 4,116 shares at $22.88 per share price, according to the Form-4 filing with the securities and exchange commission.
MGM Resorts International is a holding company. Through its wholly owned subsidiaries the Company owns and operates casino resorts. The Company operates in two segments: wholly owned domestic resorts and MGM China. The wholly owned domestic resorts segment includes non-gaming operations including hotel food and beverage entertainment and other non-gaming amenities. Its casino operations feature a variety of table games and race and sports book wagering. It operates over 15 wholly owned resorts in the United States. The MGM China segments operations consist of the MGM Macau resort and casino (MGM Macau) and the development of a gaming resort in Cotai Macau. It owns and operates two resorts in Mississippi which includes Beau Rivage in Biloxi and Gold Strike Tunica. It also owns Shadow Creek Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier Mississippi.