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Brean Murray: Gaming Operators' Q3'11 Earnings Preview

October 17, 2011 11:41 AM EDT Send to a Friend
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Brean Murray: Gaming Operators' Q3'11 Earnings Preview

For MGM (NYSE: MGM): "We are slightly reducing our Q3 EBITDA and EPS estimate by $6MM and $0.01 to $461MM and ($0.17), respectively. We expect Las Vegas EBITDA to increase 11% on continued growth in RevPAR, which we are projecting to increase about 14% from last year." (Maintains a 'Buy', PT $15)

For Las Vegas Sands (NYSE: LVS): "We remain comfortable with our Q3 estimates ($0.52) which are in-line with consensus." (Maintains a 'Buy', PT $59)

For Wynn Resorts (Nasdaq: WYNN): "We are reducing our Q3 EBITDA and EPS estimates $13MM and $0.09 to $399MM and $1.31, respectively, due primarily to weaker-than-expected baccarat play in Vegas during August and slightly lower market share forecast in Macau." (Cuts FY11 EPS estimat from $5.86 to $5.76) (Maintains a 'Buy', PT $200)

For Ameristar (Nasdaq: ASCA): "We expect ASCA to exceed Consensus estimates once again, and we continue to view ASCA shares as among the most compelling in the sector given its strong cash flow (FCF yield of 22%), operating leverage, and high quality assets." (Maintains a 'Buy', PT $32)

For Penn National (Nasdaq: PENN): "We are reducing our Q3 EBITDA and EPS estimate by $1.0MM and $0.01 to $186.5MM and $0.59, respectively, due to weaker trends than expected at Charles Town and Joliet partially offset by strong revenue trends in Baton Rouge. (Lowers FY11 EPS estimate from $2.12 to $2.10) (Maintains a 'Buy', PT $49)

For Pinnacle (NYSE: PNK): "We are raising our Q2 2011 EBITA and EPS estimates $3.0MM and $0.04 to $71MM and $0.18, respectively, due primarily to better-than-expected revenue performance at PNK's Lake Charles and Belterra properties. (Raises FY11 EPS estimate from $0.49 to $0.53) (Maintains a 'Hold')

For Churchill Downs (Nasdaq: CHDN): "We are raising our 2011 EBITDA and EPS estimate $1.3MM and $0.05 to $136MM and $2.43, respectively, as the company's Calder casino is performing better than expected while the Breeder's Cup held at Churchill Downs should help results in Q4. (Maintains a 'Buy', PT $65)




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