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Barclays kept its underweight rating, which is a view that the stock will likely perform worse than others in its sector. The firm lowered its price target from $8 to $7. Truist also lowered its target to $10, while Macquarie kept its target at $11. These moves reflect the pressure on the company as it tries to manage a heavy debt load while spending on major new casino projects. The average analyst target now sits at $10.
Source: Macquarie
Revenue rose to about $792 million last quarter, helped by growth at its temporary Chicago casino and international digital business. However, the company lost significantly more money than expected. This gap between rising sales and deeper losses highlights the high cost of the company's current expansion phase.
Management is betting heavily on large urban projects to transform the business. While the revenue growth shows these assets can attract customers, the widening losses add pressure to a company already carrying a large debt load. For long-term owners, the focus remains on whether this growth can eventually turn into enough cash to cover interest and construction costs.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
Management has missed expectations in six of the last eight quarters, often by wide margins. This pattern suggests the business is becoming harder to forecast as heavy debt costs and construction spending outpace the money coming in.
| Expectation | |
|---|---|
| EPS | $-1.31 |
| Revenue | $805M |