MGM Resorts International (MGM) - NYSE
  • Mon, Apr. 18, 10:42 AM
    • MGM Resorts (MGM -0.3%) is showing some good results with its Detroit property.
    • The gaming win for March came in 4% higher than a year ago at $51.82M to easily outpace rivals Motorcity Casino and Greektown Casino Hotel.
    • MGM Detroit took down 41% market share in March and has claimed 42% market share for the year.
    • The company is due to report Q1 earnings on May 2.
    • Michigan Gaming Control Board report (.pdf)
    • Now read MGM REIT: No Question About Where The Loyalty Is
    | Mon, Apr. 18, 10:42 AM | 1 Comment
  • Tue, Apr. 12, 7:07 AM
    | Tue, Apr. 12, 7:07 AM | 11 Comments
  • Fri, Apr. 8, 9:24 AM
    • MGM Growth Properties (Pending:MGP) plans to raise $975M through the issuance of 50M shares in a range of $18 to $21. The mid-point of the range implies a value on the real estate concern of $4.1B.
    • The company will be organized as an umbrella REIT to manage MGM properties in Las Vegas (Mandalay Bay, The Mirage, New York-New York, Luxor, Monte Carlo, Excalibur, The Park), as well as a few regional casinohotel complexes.
    • "We believe that our Las Vegas properties are well positioned and collectively have a leading share in a strong Las Vegas market which continues to benefit from positive macroeconomic trends, " reads the filing from the new entity.
    • Shareholders of MGM Resorts (NYSE:MGM) will own about 70% of MGM Growth Properties.
    • SEC Form S-11
    • Now read MGM Resorts Unveils Its New REIT Structure
    | Fri, Apr. 8, 9:24 AM | 6 Comments
  • Thu, Apr. 7, 9:28 AM
    • Shares of Wynn Resorts (NASDAQ:WYNN) are flying in premarket trading as investors wake up to the news that Steve Wynn has plans for expansion in Las Vegas.
    • The company's decision to go the Disney direction (attractions, entrance tickets, fireworks) with its new project on the Strip could turn out to be a turning point in Las Vegas history (similar to Wynn's Mirage gamble in the early 1990s), say some analysts. Watch for reactions from Caesars Entertainment (NASDAQ:CZR) and MGM Resorts (NYSE:MGM) as Vegas pushes the family entertainment destination angle. MGM's new 20K-seat arena is also a factor in that shift.
    • During last night's presentation to investors, Wynn Resorts also updated on resorts in Cotai and Boston. Also of note, the company says it's targeting a debt-to-property EBITDA ratio of 3X by 2019 from 5.8X last year. That could please investors looking for the company to reign in interest costs.
    • Previously: Wynn Resorts plans major Strip project (April 7)
    • WYNN +6.1% premarket to $95.15.
    | Thu, Apr. 7, 9:28 AM | 7 Comments
  • Tue, Apr. 5, 10:41 AM
    • MGM Resorts (MGM -1.2%) debuts its new 20K-seat arena in Las Vegas tomorrow with a performance by local band The Killers.
    • Guns N' Roses, Billy Joel, Nicki Minaj, and Janet Jackson are also scheduled for concerts at the new venue over the next six weeks.
    • MGM, which already has the Pac-12 basketball tournament lined up for next year at the arena, sees attracting a large number of high-profile sports events. The long-term plan is to lure a NHL or NBA team (or both) to Las Vegas in a development that could be a benefit to other Strip operators such as Wynn Resorts (NASDAQ:WYNN), Caesars Entertainment (NASDAQ:CZR), Penn National Gaming (NASDAQ:PENN) via The Tropicana, and Las Vegas Sands (NYSE:LVS) via The Venetian. On that note, professional sports commissioners have been less standoffish to Las Vegas expansion with regional gambling now found in nearly all major cities.
    • Naming rights to the modern arena went to T-Mobile (NASDAQ:TMUS).
    | Tue, Apr. 5, 10:41 AM | 4 Comments
  • Fri, Apr. 1, 10:31 AM
    | Fri, Apr. 1, 10:31 AM | 13 Comments
  • Fri, Apr. 1, 8:28 AM
    | Fri, Apr. 1, 8:28 AM | 32 Comments
  • Thu, Mar. 31, 1:08 PM
    • Gaming revenue in Nevada rose 8% to $989.8M in February. The extra day due to the leap year effect and a later Super Bowl played a factor in the gaming win.
    • Las Vegas Strip revenue was 7.3% higher at $570.25M.
    • The revenue total for the month would have been stronger if not for the ongoing weakness in the baccarat category.
    • Gaming Control Board report
    • Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD
    • Related ETF: BJK
    • Now read Time To Buy Casino ETF On Value?
    | Thu, Mar. 31, 1:08 PM | 3 Comments
  • Fri, Mar. 25, 3:44 PM
    • Execs with Las Vegas Sands (NYSE:LVS) were in front of a tourism committee to pitch the case to build a large football stadium just off the Strip.
    • The company hopes to use the modern stadium to help attract a NFL team to Las Vegas.
    • The Sands proposal is opposed by MGM Resorts (NYSE:MGM) which would like to see public money go to improve the Las Vegas Convention Center instead of the stadium. Also factoring in for MGM, the casino operator has a new 20K-seat arena due to open shortly close to the site proposed for the football stadium.
    • Previously: Las Vegas Sands courts the Oakland Raiders (Jan. 29)
    • Previously: The NFL doesn't say 'no' flat out to Vegas expansion (Feb. 1)
    | Fri, Mar. 25, 3:44 PM | 11 Comments
  • Tue, Mar. 22, 9:51 AM
    • MGM Growth Properties (MGP) files for an IPO on the NYSE.
    • The REIT of MGM Resorts (NYSE:MGM) properties aims to raise as much as $1B through the public offering of shares.
    • MGM Growth says its "tenant" will be obligated to pay it  $550M of rent under the master triple-net lease during the first year. The tenant will be a subsidiary of the casino company under its control.
    • SEC Form S-11
    | Tue, Mar. 22, 9:51 AM
  • Fri, Mar. 18, 9:18 AM
    • Casino stocks are setting up for a day of gains after Macquarie Research upgrades the sector to Neutral. The investment firm thinks the worse month-over-month Macau revenue declines are now firmly in the past.
    • Macquarie thinks Macau casino revenue will fall 6% this year, an improvement from a prior forecast of a 13% decline.
    • Premarket movers: Melco Crown (NASDAQ:MPEL) +3%, Wynn Resorts (NASDAQ:WYNN) +2.8%, MGM Resorts (NYSE:MGM) +2.2%, Las Vegas Sands (NYSE:LVS) +1.4%.
    | Fri, Mar. 18, 9:18 AM | 12 Comments
  • Mon, Mar. 14, 3:46 PM
    | Mon, Mar. 14, 3:46 PM | 6 Comments
  • Wed, Mar. 9, 12:38 PM
    • Morgan Stanley identifies MGM Resorts (MGM +3.7%) as the most efficient of the Macau gaming operators on a read of one metric.
    • The investment firm compared the group on an EBITDA per employee basis to find MGM China (OTCPK:MCHVF, OTCPK:MCHVY) was squeezing the most out of its staff.
    • MS has MGM rated at Outperform
    | Wed, Mar. 9, 12:38 PM | 1 Comment
  • Fri, Mar. 4, 3:03 PM
    • The Palms Casino Resort in Las Vegas, once owned by the Maloof brothers, is exploring a sale, sources tell Bloomberg.
    • The popular casino is now majority-owned by TPG Capital and Leonard Green & Partners.
    • The sale of the Palms is another sign that business activity is picking up in Las Vegas. Other properties on the sales block include the unfinished Fountainebleau Resort (owned by Icahn) and the Aliante Casino (owned by Apollo Global, TPG, and Standard Capital). Underpinning some of the real estate activity, room rates and traffic numbers have improved in Las Vegas in recent months.
    • Related stocks: CZR, MGM, WYNN.
    • Related ETF: BJK.
    • Previously: The Trump Organization eyes Vegas casino (Feb. 25)
    • Previously: Report: MGM Resorts to sell Vegas mall for $1.13B to Simon group (March 2)
    | Fri, Mar. 4, 3:03 PM | 11 Comments
  • Thu, Mar. 3, 4:38 AM
    • Macau's economy contracted 20.3% in 2015 as the city was hit by plunging gambling revenue amid China's anti-corruption crackdown and slowing growth.
    • The economy shrank 14.4% in the fourth quarter, according to an e-mailed statement from the local statistics bureau.
    • Gross gaming revenue in the world's biggest gambling hub also recorded its 21st consecutive monthly slump in February, but saw a smaller decrease due to China's Lunar New Year holiday.
    • Macau casino stocks: Wynn Macau (OTCPK:WYNMF, OTCPK:WYNMY, WYNN), Sands China (OTCPK:SCHYY, OTCPK:SCHYF, LVS), MGM China (OTCPK:MCHVF, OTCPK:MCHVY, MGM), Galaxy Entertainment (OTCPK:GXYEF), SJM Holdings (OTCPK:SJMHF, OTCPK:SJMHY).
    | Thu, Mar. 3, 4:38 AM | 5 Comments
  • Wed, Mar. 2, 6:52 PM
    • MGM Resorts International (MGM +1.7%) has an agreement to sell the Shops at Crystals mall in Las Vegas to a Simon Property Group (SPG +0.4%) partnership, according to media reports.
    • The deal's for $1.13B and could be wrapped up soon, a source told Bloomberg. The mall is part of the $9B CityCenter complex on the Las Vegas Strip.
    • MGM had put the mall up for sale three years ago but pulled it due to unsatisfactory offers. Vegas tourism -- and real estate values -- have grown since then, however.
    • After hours: MGM +0.2%; SPG flat.
    | Wed, Mar. 2, 6:52 PM | 5 Comments
Company Description
MGM Resorts International operates as holding company that is primary engaged in the ownership and operation of casino resorts, which includes offering gaming, hotel, convention, dining, entertainment, retail and other resort amenities. The company operates through two reportable segments that... More
Sector: Services
Industry: Resorts & Casinos
Country: United States