UBS Maintains a 'Neutral' on MGM Resorts (MGM); Adjusting Strip Gaming Revenues Down

UBS maintains a 'Neutral' on MGM Resorts (NYSE: MGM) price target of $11.00 (from $12.00).

Analyst, Robin M. Farley, said, "In light of recent softer than expected gaming revenue growth trends in Vegas, we are adjusting ‘13 Strip gaming revenue estimates for MGM to up +3% from +4% previously. Recall, most recent Strip gaming revenue trends for the market showed deceleration in June, down –4.5% vs. flattish trends YTD thru May’12. Strip gaming revs ex-baccarat were also down mid single digit YOY in June. June’12 visitations are up +2.1%, while visitations ex-convention up +2.2%, so that conventions in June +0.7% YOY." (FY13 EPS estimate lowered from (0.22) to (0.29))

For an analyst ratings summary and ratings history on MGM Resorts click here. For more ratings news on MGM Resorts click here.

Shares of MGM Resorts closed at $10.48 yesterday.

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