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MGM Resorts (MGM +1.3%) CEO Jim Murren concedes the company will lose some business for its...

MGM Resorts (MGM +1.3%) CEO Jim Murren concedes the company will lose some business for its Detroit-area casino to Ohio with new projects popping up in the neighboring state. The company is on the hot seat with Wall Street just a bit with the costly $850M investment in MGM Grand Detroit not paying itself as quick as forecast.
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  • Yabadabadoo
    , contributor
    Comments (448) | Send Message
     
    One of my concerns, that I previously commented on, is MGM trying to get back in Atlantic City. This would be a major mistake. Revel recently declared bankruptcy only after one year of opening. Trump declared bankruptcy twice. Other casinos are taking a hit. I question MGM's executives when they discuss NJ. Maybe they are looking to get in on their online gambling but until I know, I would stay away from that stock. Casinos that opened in NY and PA are hurting NJ casinos. .
    If NYC looks to build a casino where the junk yards are located, right near Citi Field, LaGuardia airport, two major highways, mass transit, etc; this would be the perfect place for MGM.
    Their eventual profits would exceed many of their Las Vegas casinos combined.
    For those looking to buy MGM, I would wait until they make their decision in NJ. If they get licensed, I would not buy and if I owned, would look to sell until you know the direction they want to take. .
    22 Mar 2013, 01:23 PM Reply Like
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