MGM OK'd for Macau casino

Investor's Business Daily

MGM Resorts (MGM), which has lost money for 3 years straight, got approval from officials in China's Macau special casino gambling district to build a 2nd casino resort there. The casino could help it return to profitability and push it closer to rivals Las Vegas Sands (LVS) and Wynn Resorts (WYNN) as the world's top gambling destination. Analysts told IBD that although the approval was expected, it lets MGM now move ahead with the $2.5 bil project. Shares of MGM, which were up about 11% this year, fell 0.5% to 12.89.

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