I think we will see $20's before 2qtr earnings of 2013
Right now MGM is getting no value on all the home based assets, we are only trading on China based valuation and it seems rather crazy that more haven't figured this out yet.
The low point on China assets are $12 but I also hear it's more near $14 just China.... So They have about 12.5B in debt. The market is saying with all the properties they own the stock has no value...? I think this market is high on something. Even if you write down all the assets they own by 10% or even 20% we should be trading in the $20's right now.
I agree on the real estate value. But Vegas just reported a 10% decline in gaming revenue, no? Plus, the market is gonna take a hit at some point. At these levels it's not just gonna climb a wall of worry unfettered to new all time record highs in the face of teh debt ceiling talks and the 13% gain for 2012. I think it bounces around between 12-13 for a bit.