I think your points are valid. If I was a longterm shareholder I would be beating those points into every senior executive mgr (CEO, CFO and Chairman),every institutional owner, at the shareholder meeting and demanding that the company take more aggressive steps into unlocking shareholder value.
Cost cutting Share repurchase Consolidation-put the company up for sale
But I am not a long term holder. I have bought this twice on weakness and profited.
Right about now, I want clarity on the quarter to see what's happening with execution and if mgm is just "milking the cow" or is serious about generating profitability and/or growth. As we approach five my rating is more hold then buy until the quarter is out.