VICI Properties (VICI): VICI reported its typically boring quarter with results in line to slightly better than street expectations. Boring is exactly what we like about VICI. As a landlord to the nation’s two leading gaming companies, Caesars and MGM, VICI’s business model is highly predictable. The company collects rents with built-in escalators. Beyond the […]
As a triple net lease real estate investment trust that owns casino real estate properties, VICI Properties (VICI) operates a highly predictable, low volatility business. VICI is a landlord that is paid rent by casino operators like Caesars Entertainment and MGM Resorts. 4Q21 was no exception to VICI’s consistent financial performance with all reported key […]
In our last blog post on MGM Resorts (MGM), we note that after a string of tough quarters brought about mostly due to things beyond MGM’s control, the story was moving in the right direction. Bad luck has struck again and not just with hold in the casinos. The coronavirus has shut down Macau and […]
Since the tragic shooting at Mandalay Bay in October 2017, MGM Resorts (MGM) has posted inconsistent results at its Las Vegas properties. There has been a lingering impact in Las Vegas generally and at MGM’s southern Strip properties in particular. The results have also bounced around due to the Las Vegas convention and entertainment calendar […]
MGM Resorts (MGM) reported its best quarter since 2017 when releasing 2Q19 results. For the first time since the 10/1/17 shooting at Mandalay Bay, earnings estimates are likely to move up. Equally important, the conference call went very well. Management was focused, detailed, and confident in its outlook. In fact, the final analyst question concluded […]
On the surface, MGM Resorts (MGM) reported 1Q19 results in line with Wall Street expectations. However, the composition of the results is troubling investors. Regional casinos in the US did well. Macau showed hoped for improvement assisted by high hold at the tables. Las Vegas fell short on EBITDA. Given that the narrative on MGM […]
MGM Resorts (MGM) reported better than expected 3Q18 results driven by the company’s Las Vegas properties. The beat was at least partially due to a significant reset of expectations following a new approach to guidance by management after overpromising in 2017 and 2018 and a pessimistic outlook from analysts after a sudden slowdown in Las […]
MGM Resorts (MGM) reported decent results for 2Q18 albeit against expectations that were lowered just 90 days ago. When management lowered guidance dramatically for the rest of 2018, investors were very disappointed, sending the shares down 10% over a two day period. The only real good news here is that by almost any measure the […]
MGM Resorts (MGM) reported pretty good 1Q18 earnings but lowered its outlook for the rest of the year based primarily on company specific factors. The business environment in Las Vegas and Macau remains favorable and should stay that way short of a global growth slowdown or recession. MGM’s problems are partially due to poor communication […]
MGM Resorts (MGM) reported 4Q17 results in line with to slightly better than expectations. Due to a variety of factors including poorly communicated guidance in 2016, a delayed opening for the company’s new casino in Macau, the tragic shooting at Mandalay Bay on October 1st, a shift in metrics away from industry standard revpar, and […]
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