MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule

MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule

MGM Resorts posted improved fourth-quarter revenues in 2016 compared to the previous year, but the generated income fell far short of projections.

MGM Resorts CEO Jim Murren is encouraged heading in 2017 despite a disappointing fourth quarter for his company.

The Las Vegas-headquartered gaming and hospitality company reported net income of nearly $70 million for the final three months of the year. That translates to four cents per share, a far cry from the analysts’ consensus estimate of 21 cents for the quarter.

Though the company’s new property in Washington, DC, appropriately named National Harbor, brought in big money for MGM, and performance improved at the conglomerate’s 10 venues in Las Vegas and Atlantic City’s Borgata, the convention space underperformed.

Regardless of coming in well under fiscal expectations, CEO Jim Murren painted the earnings data in a rosy light.

‘The achievement of key financial and strategic milestones demonstrates our continued focus on driving profitability,’ Murren said in a release. ‘We are excited about the outlook for 2017.’

Investors on Wall Street don’t normally take the bait, and value numbers over words. Traded on the New York Stock Exchange, shares of MGM Resorts fell as much as nine percent following the financial announcement.

For the complete year, MGM generated a net income of $1.24 billion, or $1.94 per share. That’s a substantial im Continue reading “MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule”

Tatts and Tabcorp in Talks to produce Free Pokies Games No Download A$9-Billion gambling Powerhouse

Tatts and Tabcorp in Talks to produce A$9-Billion gambling Powerhouse

Big Australian betting providers Tatts people and Tabcorp posses revived merger speaks after previous consolidation attempts had not triggered a package becoming shut. If the two firms get together, they shall write a A$9.4-billion organization that real pokies free can tip Australia’s non-casino industry.

Tabcorp is currently among the trusted wagering workers right here. The firm provides land-based gaming options across several states and contains a betting business that is online. This past year, it extended the international position by joining forces with British’s Development Corp, the writer of The Sun tabloid, for the establish of a branded web gambling items intended for Brit punters. The firm had been lately respected at A$4.08 billion.

In terms of Tatts, it handles sports betting, video gaming, and lottery divisions. In fact, the lotto businesses is the reason the higher portion of the profits it creates. The business’s markets cover presently nz pokies online free stall at A$5.27 billion.

Australian continent has turned into a gambling that is particularly attractive and has been flooded by a number free signup bonus pokies of the worldwide leaders from inside the provision of providers in the last several years. Huge industry brands like Ladbrokes and William slope have been on the list of providers which were seeking to broaden their particular appeal here through providing highly competitive web sports wagering items.

Utilizing the Australian playing industry expanding rapidly, it is burdensome for both Tatts and Tabcorp to hold rate along with their overseas competition. Continue reading “Tatts and Tabcorp in Talks to produce Free Pokies Games No Download A$9-Billion gambling Powerhouse”