MGM Resorts sees hotel occupancy spike to 73%
Monday 03 de May 2021 / 08:25
2 minutos de lectura
(Las Vegas).- MGM Resorts trades higher in premarket action after topping Q1 estimates as customers flooded back into U.S. casinos. Importantly, Las Vegas hotel occupancy averaged 62% in March before accelerating to 73% in April (month-to-date).
"Notably, March was one of the best months on record for total gross bookings in MGM's Las Vegas history, evidencing the amount of pent-up leisure demand. With the influx of bookings, weekend occupancy in the spring and summer months is tracking near 90%. This should allow MGM to begin yield optimizing its room base, with ADR expected to firm up in 2H21 and potentially hit or exceed 2019 levels in 4Q21," updates Union Gaming analyst John DeCree on the big quarter.
MGM also surprised by returning to a capital allocation mode with share buybacks of $119M in Q1.
Union Gaming raises its FY21 Las Vegas adjusted property EBITDAR estimate to $653M from $512M. The firm bumps its price target up to $54 following the Q1 print.
Shares of MGM are up 1.44% premarket. Peer Caesars Entertainment (NASDAQ:CZR) is 1.05% higher.
Categoría:Casino
Tags: Sin tags
País: United States
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