RRR reported 2Q after the close (08/04/20). Adjusted EBITDA was ($17M), versus the Consensus Metrix Average of ($62M) and our ($38M) estimate.
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HST rumors. This morning there were unsubstantiated claims apparently circulating from DealReporter (cited by our StreetAccount update) that Blackstone may be looking to take HST private. Blackstone took a <5% stake in HST as of 3/31, which may have been the impetus for the thought.
WYNN reported 2Q after the close. Property EBITDA was ($323M) versus the Consensus Metrix average of ($359M) and our ($306M) estimate.
H reported 2Q yesterday (08/03/20) after the close and hosted their call this AM. Adjusted EBITDA was ($117M), vs. consensus of ($63M) and our ($72M).
MGP reported 2Q results this morning (8/4/20). AFFO/share was $0.56 versus our $0.59 and the Consensus Metrix average of $0.58. Adjusted EBITDA was $240M versus our $237M and the Consensus Metrix average of $238M.
H reported 2Q after the close 8/3/20 (call tomorrow). Adjusted EBITDA was ($117M), versus the Consensus Metrix average of ($63M) and our ($72M). H missed us on revenue, but it’s a throw-away quarter. H also filed a slide deck with monthly RevPAR trends through July, which we found to be helpful.
Shares of CZR are down 19% since the ERI/CZR transaction closed on 7/20, versus U.S. gaming peers up an average of 4%, which we think is an opportunity. We think the relative weakness is partly because it was a crowded long (it was the top long idea in our recent investor survey here as shown on slide 4) and the transaction may have caused news selling. There are other factors, too, like Vegas exposure and Carl Icahn and team seemingly moving on following the departure of a board member last week. Regardless, we think the recent weakness is an opportunity. CZR reports earnings Thursday in what will be management’s first appearance following deal close, and we expect a strong message. Additionally, we think an important near-to-intermediate term catalyst could be the potential separation of the sports/iGaming business.
HST reported 2Q yesterday afternoon and hosted their call this AM. Adj. EBITDAre was ($190M), versus consensus of ($177M) and our ($182M).
GLPI reported 2Q after yesterday’s close and hosted their call this AM. AFFO/share was $0.84 vs. our $0.78 and consensus of $0.78. Adjusted EBITDA was $247M vs. our $242M and consensus of $241M, with GLPI beating us at its TRS properties.
MGM reported 2Q after the close. Adjusted EBITDAR was ($492M), versus the Consensus Metrix average and our ($478M) estimate. MGM has 8/10 Vegas properties now open, but operating at depressed levels; 6/8 non-Vegas U.S. properties open, with the drive-to regionals performing great, but the destination regionals poorly; and Macau continues to be negatively impacted by travel restrictions, though MGM expects the IVS scheme could resume by mid-September beginning with Guangdong.
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