MGM Resorts will report its Q1 2015 earnings on May 4th. We believe the company continues to face headwinds from a decline in gambling, both in Macau and the Las Vegas Strip. While Macau witnessed a decline of 37% in gaming, Las Vegas Strip gaming declined less than 1% during the first quarter. Its not just VIP gaming in Macau that is facing headwinds, mass-market gaming revenues also declined around 27% in the first quarter. Accordingly, we expect MGM to post lower revenues and EBITDA as compared to the prior year period.
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