Barclays on Gaming: 2Q11 Earnings Preview
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Rating Summary:
27 Buy, 15 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
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Barclays on Gaming: 2Q11 Earnings Preview
Barclays analyst says, "We believe the majority of gaming operators in our coverage universe will beat earnings expectations due to three macro trends: Macau market outperformance, robust visitation to the Las Vegas Strip, and improved operational performance at regional gaming operators. We are increasing our Wynn Resorts (Nasdaq: WYNN), MGM (NYSE: MGM) and Las Vagas Sands (NYSE: LVS) estimates based on better-than-expected growth in Macau. We believe MGM will also beat RevPAR expectations due to continued robust visitation and RevPAR growth in Las Vegas. Among the regional operators, we believe PENN and Pinnacle Entertainment (NYSE: PNK) will both beat consensus as they continue to benefit from their recent capital expenditures and improved operational performance. As for Boyd (NYSE: BYD), it is difficult to gauge the quarter at this moment. Louisiana's June performance, which will be reported on July 21, and Mississippi hold the key for the quarterly results, in our view."
"We are raising our WYNN 2Q11 estimates based on continued strength in Macau. Our 2Q11 EBITDA and EPS estimates go to $376.3 mn and $1.19, up from $326.6 mn and $0.89. Consensus EBITDA and EPS are $347.5 mn and $0.99. Wynn also likely gained market share in Las Vegas."
"We believe PENN will exceed consensus EBITDA estimates based largely on stronger-than-expected revenue results from the two Chicagoland properties (Joliet and Aurora) and Argosy Riverside in Kansas City."
"Based on Macau market strength, we are raising our LVS 2Q11 revenue and
EBITDA estimates to $2,255.9 million and $784.6 million from $2,160.0 million and $746.4 million. Consensus revenues and EBITDA are $2,211.9 million and $759.1 million."
Barclays analyst says, "We believe the majority of gaming operators in our coverage universe will beat earnings expectations due to three macro trends: Macau market outperformance, robust visitation to the Las Vegas Strip, and improved operational performance at regional gaming operators. We are increasing our Wynn Resorts (Nasdaq: WYNN), MGM (NYSE: MGM) and Las Vagas Sands (NYSE: LVS) estimates based on better-than-expected growth in Macau. We believe MGM will also beat RevPAR expectations due to continued robust visitation and RevPAR growth in Las Vegas. Among the regional operators, we believe PENN and Pinnacle Entertainment (NYSE: PNK) will both beat consensus as they continue to benefit from their recent capital expenditures and improved operational performance. As for Boyd (NYSE: BYD), it is difficult to gauge the quarter at this moment. Louisiana's June performance, which will be reported on July 21, and Mississippi hold the key for the quarterly results, in our view."
"We are raising our WYNN 2Q11 estimates based on continued strength in Macau. Our 2Q11 EBITDA and EPS estimates go to $376.3 mn and $1.19, up from $326.6 mn and $0.89. Consensus EBITDA and EPS are $347.5 mn and $0.99. Wynn also likely gained market share in Las Vegas."
"We believe PENN will exceed consensus EBITDA estimates based largely on stronger-than-expected revenue results from the two Chicagoland properties (Joliet and Aurora) and Argosy Riverside in Kansas City."
"Based on Macau market strength, we are raising our LVS 2Q11 revenue and
EBITDA estimates to $2,255.9 million and $784.6 million from $2,160.0 million and $746.4 million. Consensus revenues and EBITDA are $2,211.9 million and $759.1 million."
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