X MGM Resorts (MGM) stock hit a buy point Thursday after topping Q1 estimates, while Las Vegas Sands (LVS) retreated further from an entry as Q1 revenue met forecasts late Wednesday.
MGM Resorts
Estimates: EPS to soar 81% to 29 cents as revenue jumps 19% to $2.63 billion.
Results: EPS of 36 cents on revenue of $2.71 billion. Domestic revenue jumped 29% to $2.09 billion, helped by the acquisition of the Borgata Hotel Casino and Spa and the opening of theMGM National Harbor in December. MGM China revenue grew 7% to $502 million.
Stock: Shares rallied 4.1% to 31.01 on the stock market today, topping a 30.72 buy point. Wynn Resorts (WYNN) dipped 0.55% after jumping 5.9% to 125.19 Wednesday. Shares of Hong Kong-domiciled Melco Resorts and Entertainment (MLCO) rose 1.7% to 22.18 after hitting profit-taking zone Wednesday, up 4.1% that day. Melco Resorts broke out of a cup-with-handle base with 17.93 entry in mid-February and became extended at the start of April.
Casino stocks have been rallying recently amid Macau gambling revenue for March that topped forecasts, continuing a recent revival in the world's biggest gaming market. Wynn Resorts and Las Vegas Sands opened new Macau casinos late last year, with MGM Resorts set to open a new site later this year.
On Wednesday, the state of Nevada reported March gaming revenue climbed 7.45% statewide to $991 million, with Las Vegas Strip revenue up 8.1% to $526.1 million.
Las Vegas Sands
Estimates: Profit to rise 38% to 62 cents a share on 15% revenue growth to $3.11 billion.
Results: EPS of 66 cents on revenue of $3.11 billion. Macau revenue rose 15% to $1.89 billion. Las Vegas revenue climbed 13% $434 million.
Stock: Las Vegas Sands dipped 0.1% to 59.20, paring earlier losses of as much as 3.3%. The stock has been forming a cup-shaped base with 63.48 entry point over the last five months, retaking its 50-day moving average in early March.
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