Description Earnings Release Assignment PURPOSE The purpose of this assignment is to review a curre ...

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Description Earnings Release Assignment PURPOSE The purpose of this assignment is to review a current year earnings release (10-Q) from a publicly traded gaming corporation(Casino). As a result of this assignment, students will be more familiar with the jargon used on such releases, understand the overall financial performance of a publicly traded gaming corporation, and evaluate the impact on the associated stock price. This assignment is intended to integrate the material learned in class. All accounting/auditing work ultimately rolls up to the compilation of the financial reporting package to be presented at the quarterly earnings release. This data results in operators analyzing their financial performance and making adjustments if necessary, but also preparing to conduct their forecast and budgets. Submissions are expected to resemble those presented to an upper level manager in a gaming operation and will give students an opportunity to apply written communication skills. TASK Select a current year earnings release from a publicly traded gaming corporation to review. They should be traded on the NYSE or NASDAQ as those require earnings releases. If you choose another stock exchange company you must get approval prior to doing the assignment by emailing the company name and the earnings release you will be analyzing to the professor and they will give final approval (please make sure you email enough 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 gaming jurisdiction that you selected in the earlier assignment. This may give you more insight into their operations. To find a company’s 10-Q, go to the company website and look for a page labeled something along the lines of “Investor Relations” or “SEC Filings”. Under type of filings select 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 to shareholders? 2. (15 points) Explain “hold-normalized adjusted property EBITDA”. Why is that used 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 the corporation 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 accounting standards? If so, please explain. 6. (20 points) How did the market interpret the reported results?