Casino operator Melco Resorts & Entertainment (MLCO) reported mixed first-quarter results, beating earnings views but falling short on revenue.
XEstimates: An 8% rise in earnings to 26 cents per share. Revenue seen growing 4% to $1.32 billion.
Results: EPS of 32 cents on revenue of $1.31 billion. Studio City revenue jumped 32.6% to $368.4 million. City of Dreams revenue fell 7.6% to $640.5 million. Altira Macau revenue grew 10% to $120.4 million. City of Dreams Manila revenue dropped 10% to $142.2 million.
"Macau has had a strong start to the year with year-to-date gaming revenue growth at approximately 22% compared to the same period in 2017," Chairman and CEO Lawrence Ho said in a statement. "We continue to be optimistic on the outlook of the Macau market as the city's gaming and entertainment markets continue to benefit from the improving demand environment, the anticipated completion of the Hong Kong-Zhuhai-Macau Bridge and the ongoing buildout of Cotai."
Stock: Shares rose 0.7% to 32.24 in the stock market today. Melco is now extended after breaking out of a period of consolidation with 30.59 entry point in mid-April. Wynn Resorts (WYNN) sank 0.1% early, and Las Vegas Sands (LVS) eased 0.7%.
The results follow a big-money month for Macau, as gross gaming revenue in the special Chinese region popped nearly 28% in April to 25.7 billion patacas ($3.2 billion), higher than expected. Melco, Wynn Resorts and Las Vegas Sands rallied on the news Tuesday.
MGM Resorts International (MGM), whose properties are mostly located Stateside in Las Vegas, is still trading below both its key 50-day and 200-day moving averages after breaching those levels on April 26. MGM dipped 0.1%.
Wynn shares are struggling to definitively clear a 192.85 buy point after building a cup-with-handle base from January through March, but the stock has been climbing steadily over the last five or so sessions.
Las Vegas Sands is working on a flat base with 79.94 entry.
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The post Melco Resorts Beats Q1 Earnings Views, Misses On Revenue appeared first on Investor's Business Daily.
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