MGM Resorts InternationalNYSE
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  • Mon, Oct. 17, 10:17 AM
    • Authorities in China have detained 18 employees of Crown Resorts (OTC:CWLDF, OTCPK:CWLDY) in a story that could end up having broader sector implications.
    • The action is believed to be part of a crackdown on foreign casino operators that attempt to unlawfully entice Chinese gamblers overseas.
    • Crown Resorts fell 13.90% today in Sydney.
    • Macau names were weaker today in Hong Kong after the development, while the U.S.-traded stocks are holding up.
    • 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), Melco Crown (NASDAQ:MPEL).
    | Mon, Oct. 17, 10:17 AM | 4 Comments
  • Sat, Oct. 15, 10:23 AM
    • The Nevada legislature approved a plan to fund a domed 65K-seat NFL stadium in Las Vegas through a $750M hotel tax.
    • A group led by casino mogul Sheldon Adelson hopes to lure the Oakland Raiders to move to Las Vegas before the 2020 season. Adelson is backing the venture with $650M of his family's money.
    • Las Vegas already landed a NHL expansion team and is not anathema to NBA Commissioner Adam Silver who supports legalized sports gambling under a federal framework. Professional sports on or near The Strip are seen as another tourism driver.
    • Related stocks: CZR, CACQ, BYD, FLL, CZR, WYNN, MGM, LVS.
    • Related ETF: BJK.
    | Sat, Oct. 15, 10:23 AM | 9 Comments
  • Thu, Oct. 6, 10:58 AM
    • MGM Resorts (MGM +0.3%) is at a 52-week high and crossed over $27 briefly for the first time since 2014.
    • Argus weighed in on the casino stock today, upgrading shares to Buy from Hold due to positive trends out of both Macau and Las Vegas.
    • The investment firm doesn't think MGM's share price fully reflects the positive signs out of Macau. Yesterday, Galaxy Entertainment tipped strong Golden Week traffic in an update that could have sector-wide implications.
    • Separately, Nomura boosts its price target to $32 as it points to stronger pricing and RevPAR gains in Vegas.
    | Thu, Oct. 6, 10:58 AM | 3 Comments
  • Wed, Oct. 5, 7:09 AM
    • MGM Resorts (NYSE:MGM) CEO James Murren spoke to the Rotary Club of Atlanta earlier this week to highlight the economic advantages for the region if gambling was legalized.
    • Murren has previously stated that the company would spend more than $1.4B on a large hotel-casino complex if the Georgia legislature acted.
    • MGM is eyeing the large convention business in the Atlanta area in particular.
    • "This is a tremendously appealing market," noted Murren.
    | Wed, Oct. 5, 7:09 AM | 2 Comments
  • Tue, Oct. 4, 4:59 AM
    • Macau casino stocks are on watch as tourists spend billions in China during the Golden Week national holiday.
    • This year, sparkling new properties such as the Wynn Palace and the Parisian are expected to draw solid traffic.
    • Wynn Resorts (NASDAQ:WYNN), MGM Resorts (NYSE:MGM), Las Vegas Sands (NYSE:LVS), Melco Crown (NASDAQ:MPEL), and Galaxy Entertainment (OTCPK:GXYEF) all showed gains yesterday after the sector delivered its second straight month of positive revenue growth in what some analysts think marks a turnaround moment for the sector.
    • A solid Golden Week performance could reset expectations for Q4 even higher.
    • Related ETF: BJK.
    | Tue, Oct. 4, 4:59 AM | 22 Comments
  • Mon, Oct. 3, 12:08 PM
    • MGM Resorts (MGM +0.9%) announces the opening of MGM Harbor in Washington D.C. is set for December 8.
    • The $1.4B complex features 308 rooms and a 3K-seat entertainment venue.
    • Source: Press Release
    | Mon, Oct. 3, 12:08 PM | 1 Comment
  • Sat, Oct. 1, 8:41 AM
    | Sat, Oct. 1, 8:41 AM | 79 Comments
  • Thu, Sep. 29, 11:17 AM
    • Casinos in Nevada reported that revenue fell 5.23% to $860.7M in August.
    • Revenue on the Las Vegas Strip fell 15% to $449.6M, while downtown Las Vegas casinos saw a 7% rise during the month to $43M. Revenue from Reno casinos was flat at $51M.
    • In a little bit of a sign of the times, Blackjack winnings ($81M) outpaced the Baccarat win tally ($74M).
    • Nevada Gaming Control Board full report (.pdf)
    • Related stocks: CZR, CACQ, BYD, FLL, CZR, WYNN, MGM, LVS.
    • Related ETF: BJK.
    | Thu, Sep. 29, 11:17 AM | 17 Comments
  • Wed, Sep. 28, 8:01 AM
    • Deutsche Bank points to the "compelling" valuation on MGM Resorts (NYSE:MGM) in a new note to clients posted after the firm met with MGM brass.
    • The near-term for the casino operator looks attractive to DB with MGM firing off new growth strategies just as trends in Las Vegas show improvement.
    • MGM is rated at Buy and assigned a price target of $29.
    • MGM closed at $25.57 yesterday, just off its 52-week high of $25.86.
    | Wed, Sep. 28, 8:01 AM | 6 Comments
  • Mon, Sep. 26, 9:50 AM
    | Mon, Sep. 26, 9:50 AM | 1 Comment
  • Thu, Sep. 22, 11:22 AM
    • A major development on the betting scene is raising eyebrows in the global gaming industry. The NBA signed a deal with Sportradar to provide NBA data and video game feeds to gaming operators outside of the U.S.
    • Sources indicate the data deal is worth $250M over six years.
    • Detailed player tracking could open up new betting sports categories as the industry evolves beyond daily fantasy games.
    • Sportradar is a privately-owned company with PE backers and high-profile investors such as Michael Jordan and Mark Cuban on board. Here's the interesting twist: The NFL is also an investor and partner.
    • Efforts to legalize sports betting in the U.S. are breaking out in various forms, while in Las Vegas the welcoming mat for the Oakland Raiders and the NFL has been laid out.
    • Related ETF: BJK.
    | Thu, Sep. 22, 11:22 AM | 1 Comment
  • Wed, Sep. 21, 11:20 AM
    | Wed, Sep. 21, 11:20 AM | 45 Comments
  • Sat, Sep. 17, 10:23 AM
    • The Southern Nevada Tourism Infrastructure Committee approved a plan to raise $750M in taxes for a $1.9B NFL stadium in Las Vegas. Next in line for the stadium project is lining up support from local officials, Nevada Governor Brian Sandoval, and NFL owners.
    • The new stadium is being used to lure the Oakland Raiders to a new home just off the Strip and is already stoking talk of the potential for MLS soccer expansion and major concerts.
    • Las Vegas Sands (NYSE:LVS) CEO Sheldon Adelson is a major proponent and financial backer of the stadium project. Other casino operators such as Caesars Entertainment (NASDAQ:CZR) and MGM Resorts (NYSE:MGM) are in line to benefit from a major stadium in their neighborhood.
    • NFL press release
    • Related ETF: BJK.
    | Sat, Sep. 17, 10:23 AM | 19 Comments
  • Fri, Sep. 16, 9:35 AM
    • Gabelli continues to call MGM Resorts (NYSE:MGM) one of its top ideas after taking in the recent round of management meetings.
    • Positive EPS drivers called out by the investment firm include the Las Vegas convention business, new properties, and MGM's profit initiatives.
    • Shares of MGM are rated at Buy and tagged with a price target of $39 by Gabelli. The PT reps +52% upside potential.
    | Fri, Sep. 16, 9:35 AM | 9 Comments
  • Thu, Sep. 15, 2:59 PM
    • Union Gaming Securities thinks the addition of a nonstop route by Hainan Airlines from Beijing to Las Vegas is a positive factor for the gaming sector.
    • "The direct route is a positive for both incremental visitation and ultimately higher spend as Chinese visitors arriving in Las Vegas on a direct flight would be able to stay longer and spend more money compared with those visiting on broken trips," reads the Union note.
    • "Conservative estimates pin [suggest] 300,000 Chinese travellers are already visiting Las Vegas every year, though these visitors arrive on broken trips – meaning they arrive via connecting flights from other U.S. cities. The new direct route would allow about 10 percent of these visitors (approximately 33,000) to reach Las Vegas direct each year."
    • A percentage of the airline traffic will be U.S. tourists and business travelers visiting China, but the majority is seen as an influx of Chinese gamblers.
    • Related stocks: MGM, WYNN, LVS, CZR.
    • Related ETF: BJK.
    | Thu, Sep. 15, 2:59 PM | 11 Comments
  • Mon, Sep. 12, 12:04 PM
    • There are solid gains again for the Macau casino sector with Wynn Resorts (WYNN +3.4%), MGM Resorts (MGM -0.1%), Las Vegas Sands (LVS +0.6%), and Melco Crown (MPEL +2.3%) all breaking higher to extend on last week's strength.
    • A quick scan of current share prices shows the group is closing on 52-week highs: Wynn $101.95 vs. $105.69 high, MGM $24.74 vs. $25.49 high, Las Vegas Sands $55.97 vs. $56.17 high, Melco $15.79 vs $20.23 high.
    • The big news of the week in Macau is tomorrow's highly-anticipated opening of Sands China's Parisian resort. Sands is re-allocating 310 gaming tables at the Parisian on top of the 100 that were allowed by authorities at the open.
    | Mon, Sep. 12, 12:04 PM | 3 Comments