3 questions

Earnings ReleaseAssignment

PURPOSEThe purpose of this assignment is to review a current year earnings release (10-Q) from apublicly traded gaming corporation(Casino). As a result of this assignment, students will be morefamiliar with the jargon used on such releases, understand the overall financialperformance of a publicly traded gaming corporation, and evaluate the impact on theassociated stock price.This assignment is intended to integrate the material learned in class. Allaccounting/auditing work ultimately rolls up to the compilation of the financial reportingpackage to be presented at the quarterly earnings release. This data results in operatorsanalyzing their financial performance and making adjustments if necessary, but alsopreparing to conduct their forecast and budgets.Submissions are expected to resemble those presented to an upper level manager in agaming operation and will give students an opportunity to apply written communicationskills.TASKSelect a current year earnings release from a publicly traded gaming corporation toreview. They should be traded on the NYSE or NASDAQ as those require earningsreleases. If you choose another stock exchange company you must get approval prior todoing the assignment by emailing the company name and the earnings release you will beanalyzing to the professor and they will give final approval (please make sure you emailenough in advance based on office hours to get approval). No prior approval, no credit.While not required, it is suggested that you pick a company that operates in the gamingjurisdiction that you selected in the earlier assignment. This may give you more insightinto their operations.To find a company’s 10-Q, go to the company website and look for a page labeledsomething along the lines of “Investor Relations” or “SEC Filings”. Under type of filingsselect Quarterly Filings and select the most recent 10-Q.You are required to answer the following questions in Word.1. (20 points) How does the corporation intend to maximize the return toshareholders?2. (15 points) Explain “hold-normalized adjusted property EBITDA”. Why is thatused as a metric? If not used in your selection, please research and respond.3. (15 points) How strong is the corporation’s cash flow? What does that allow thecorporation to accomplish

4.(20points)What was a major driver in the operating results? Are there any areas

with diminishing returns?5. (10 points) Was there any impact due to the adoption of new accountingstandards? If so, please explain.6. (20 points) How did the market interpret the reported results?