Barclays on Gaming: 3Q11 Earnings Preview
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Rating Summary:
27 Buy, 15 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Barclays on Gaming: 3Q11 Earnings Preview
Barclays analyst, Felicia R. Hendrix, said, "Despite widespread macroeconomic volatility over the past four months, we expect most gaming companies to meet or exceed consensus estimates."
"We believe Wynn (Nasdaq: WYNN) (reporting 10/19) reports at least in-line with consensus as record Macau results early in the quarter may have offset low hold in September. We estimate EBITDA of $377.3mn versus $255.8mn last year and consensus of $371.5mn."
"We expect Penn (Nasdaq: PENN) (reporting 10/20) to beat our and consensus estimates based largely on strength in Illinois and West Virginia. Our EBITDA estimate is $197.4mn versus $162.0mn last year and consensus of $189.6mn. Penn's two Chicagoland properties were less impacted by new competition than we expected."
"We expect Pinnacle (NYSE: PNK) (reporting 10/27) will report EBITDA in-line with consensus and our estimate. We estimate EBITDA of $68.0mn versus $60.2mn last year consensus of $67.9mn. Pinnacle's St. Louis properties grew 7.3%, higher than our 6.7% estimate. Better-than-expected revenues at Belterra could also drive upside."
"We expect MGM (NYSE: MGM) (reporting 11/3) will report EBITDA above consensus. We estimate EBITDA of $462.6mn versus $279.7mn last year and consensus of $436.8mn. We expect strong visitation and RevPAR growth to drive MGM's 3Q11 Las Vegas Strip results; QTD, market RevPAR is up 14.7% versus our 10% growth estimate for MGM."
"We believe Las Vegas Sands (NYSE: LVS) will report earnings above consensus due to strong Singapore results, which we think will more than offset any impact of low VIP hold in Macau. We are reducing our EBITDA by $10mn to $848.6mn (still above consensus of $833.8mn) to reflect slightly lower Las Vegas results."
Barclays analyst, Felicia R. Hendrix, said, "Despite widespread macroeconomic volatility over the past four months, we expect most gaming companies to meet or exceed consensus estimates."
"We believe Wynn (Nasdaq: WYNN) (reporting 10/19) reports at least in-line with consensus as record Macau results early in the quarter may have offset low hold in September. We estimate EBITDA of $377.3mn versus $255.8mn last year and consensus of $371.5mn."
"We expect Penn (Nasdaq: PENN) (reporting 10/20) to beat our and consensus estimates based largely on strength in Illinois and West Virginia. Our EBITDA estimate is $197.4mn versus $162.0mn last year and consensus of $189.6mn. Penn's two Chicagoland properties were less impacted by new competition than we expected."
"We expect Pinnacle (NYSE: PNK) (reporting 10/27) will report EBITDA in-line with consensus and our estimate. We estimate EBITDA of $68.0mn versus $60.2mn last year consensus of $67.9mn. Pinnacle's St. Louis properties grew 7.3%, higher than our 6.7% estimate. Better-than-expected revenues at Belterra could also drive upside."
"We expect MGM (NYSE: MGM) (reporting 11/3) will report EBITDA above consensus. We estimate EBITDA of $462.6mn versus $279.7mn last year and consensus of $436.8mn. We expect strong visitation and RevPAR growth to drive MGM's 3Q11 Las Vegas Strip results; QTD, market RevPAR is up 14.7% versus our 10% growth estimate for MGM."
"We believe Las Vegas Sands (NYSE: LVS) will report earnings above consensus due to strong Singapore results, which we think will more than offset any impact of low VIP hold in Macau. We are reducing our EBITDA by $10mn to $848.6mn (still above consensus of $833.8mn) to reflect slightly lower Las Vegas results."
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