|Bid||27.63 x 1800|
|Ask||28.25 x 1800|
|Day's Range||27.62 - 28.53|
|52 Week Range||21.62 - 31.68|
|Beta (3Y Monthly)||1.17|
|PE Ratio (TTM)||82.43|
|Earnings Date||Oct 28, 2019 - Nov 1, 2019|
|Forward Dividend & Yield||0.52 (1.82%)|
|1y Target Est||33.62|
LAS VEGAS , Aug. 22, 2019 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today released the following statement from Jim Murren , Chairman and ...
Yokohama, Japan's second-largest city, raised its hand on Thursday to host a casino resort, a newly legalised industry the government hopes will stimulate the economy and tourism. Yokohama Mayor Fumiko Hayashi said the city was preparing a bid, with expectations for such a resort to bring the city a "virtuous cycle" of greater economic investment and growth. Yokohama, facing Tokyo Bay and located a short train ride from the capital, joins other candidates such as Osaka, Nagasaki and Wakayama vying to host integrated resorts (IR) expected to attract more tourists and investment.
The Chinese territory of Macau is set to elect as leader the only candidate for which it is allowed to vote: a Beijing-backed former legislator who is expected to cement China's control over the special administrative region and distance it from escalating protests in neighbouring Hong Kong. The 62-year-old's highly scripted appointment comes as the former Portuguese colony tries to position itself as a beacon of stability and model for the Chinese government's "one country, two systems" formula through which Beijing administers Macau and Hong Kong. "Many people expressed they do not want to mess up Macau," Ho told local media this week, explaining that he had heard much opposition to the protests that have plunged Hong Kong into its deepest political crisis since its handover to Beijing in 1997.
The Notos Group has briefed the Massachusetts Gaming Commission on its plans to develop a $300 million gaming complex in Wareham.
With MGM Springfield just days away from its one-year anniversary, president Michael Mathis believes the $960 million resort casino has answered the gloom and doom predictions of the “naysayers.”
The three casinos in Massachusetts cumulatively generated $81.4 million in revenue last month from hundreds of millions in wagers and Encore Boston Harbor in Everett accounted for about 60 percent of it. In its first full month of operations, the Wynn Resorts (Nasdaq: WYNN) property pulled in more than $48.57 million in table game and slot machine revenue. MGM Springfield (NYSE: MGM) posted its third-worst month in July but still counted $20.4 million in revenue and the slots parlor at Plainridge Park Casino generated $12.5 million last month, the Massachusetts Gaming Commission reported in its monthly revenue roundup.
Las Vegas Sands' (LVS) dismal price performance can be attributed to the trade war between Beijing and Washington, and lower-than-expected second-quarter 2019 results.
LAS VEGAS, Aug. 12, 2019 /PRNewswire/ -- MGM Resorts International was honored recently with the National Council on Problem Gambling's (NCPG) Public Awareness Award at the organization's 33rd National Conference in Denver. The award highlights an organization that demonstrates an outstanding commitment to social responsibility related to problem gambling. It was presented in recognition of the company's innovative use of a responsible gambling program: GameSense -- specifically MGM's Responsible Gaming Education Week campaign for 2018.
William Hill’s aggressive expansion into the U.S. could see its sports books break through the $1 billion barrier across several states that recently legalized sports gambling, including New Jersey and Mississippi. The British bookmaker has been growing quickly in the sports-obsessed U.S. market as it looks to soften the impact of a regulatory crackdown at home that is hitting revenues and forcing the closure of almost a third of its stores. Now (WMH) (ticker: WMH.U.K.), which is scheduled to report its half-year results on Friday, is hoping it can generate around 45% of its revenues in the U.S., where it is positioning itself in time for the start of the new N.F.L. season in September by opening dozens of new sports books.
Growing protests in the Asian financial centre of Hong Kong are weighing on the neighbouring Chinese territory of Macau as some visitors steer clear of the world's biggest gambling hub, worried over transport disruptions and safety concerns. Hong Kong, a former British colony, has suffered a wave of sometimes violent protests since June as initial opposition to a now-suspended extradition law evolved into a direct challenge to the government and calls for full democracy. "When you have hundreds of flights cancelled out of Hong Kong and some reluctance to travel, I do think that's impacting the premium end of the business," Matt Maddox, chief executive of Wynn Resorts, which runs two Macau casinos, said this week.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of MGM Growth Properties LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Gambling revenue in the Chinese territory of Macau dropped 3.5% in July from a year earlier, due to tempered demand from high rollers amid a slowdown in the world's second-largest economy and a trade war with the United States. Revenue was 24.5 billion patacas ($3.04 billion) in July, Macau's Gaming Inspection and Coordination said on Thursday. The figure was just below analyst expectations of a 3% drop to 3% rise.
MGM Resorts International (MGM) and Las Vegas Sands Corp (LVS) reports lower-than-expected quarterly numbers in Q2.
Sometimes no bad news is good news. MGM Resorts International mostly met second-quarter expectations, and shares were up $1.51, or 5.1%, to $30.88 in Friday morning trading.
(Bloomberg) -- Jim Murren, chief executive officer of MGM Resorts International, has worked hard to please his cranky shareholders.He’s cut costs, eliminating more than 1,000 jobs. Under investor pressure, he sold most of MGM’s properties to a real estate investment trust in a lease-back deal. And he welcomed Corvex Management founder Keith Meister, a Carl Icahn protege, to his board after the hedge fund built up a nearly 4% stake in the Las Vegas casino company.Now Murren may be on the verge of unloading the company’s most iconic Vegas properties -- the namesake MGM Grand and the Bellagio. Since January, Meister and two other board members have been reviewing MGM’s real estate holdings, with an eye toward boosting the company’s share price.On conference call with investors Thursday, Murren said he expects to announce the review’s findings by early fall. The company also reported better-than-expected revenue, helping send MGM shares up as much a 9% in extended trading.“We have a lot of options in front of us, actually very creative and interesting options,” Murren said. “We also know that our real estate is undervalued in the marketplace.”Casinos TransformedREITs have transformed the casino industry since Penn National Gaming Inc. spun off most of its properties into one in 2013. Since then, Caesars Entertainment Corp. and MGM have also created REITs, and most of the major casino sales have involved them as buyers. Because they don’t pay income taxes, REITs can pay higher prices for properties.In a typical transaction, the casino company continues to manage the property, while paying rent to the new owner.The jury is still out on whether such deals add long-term value for the casino operators and their investors, however. Penn National, the pioneer in REIT deals, trades at one of the lower multiples in the industry at about 10 times earnings before interest, taxes and depreciation and amortization, according to data compiled by Bloomberg.Investors must be convinced there’s long-term value to being a tenant over an owner. While MGM could see $6.4 billion in after-tax proceeds from the sale of the two marquee properties, analyst Harry Curtis of Instinet says he’s not convinced it’s wise.‘Dubious’ Proposition“We are dubious of the potential value creation opportunity,” he said in a note last week.Murren, MGM’s CEO since 2008, has dealt with activist shareholders before, including in 2016 when pressure from Land & Buildings Investment Management led MGM to sell most of its casinos to MGM Growth Properties, a REIT the company created and still controls. As a result, Murren has fewer assets left that could be used to boost his stock price.MGM’s return to shareholders since it first sold stock in MGM Growth in April 2016 has trailed that of peers Las Vegas Sands Corp. and Wynn Resorts Ltd., which continue to own their casinos.MGM has three wholly owned Vegas casinos remaining: Bellagio, the MGM Grand and Circus Circus. MGM Growth Properties already has an option to buy a fourth property, the MGM Springfield in Massachusetts.MGM also owns about 70% of MGM Growth, a stake worth about $5.7 billion. But selling or spinning off that business means the company would no longer collect its share of the dividends the REIT pays out, which amounted to $333 million last year.What of Macau?MGM owns 56% of MGM China, worth about $3.7 billion. But the company is unlikely to unload its investment in the world’s largest gambling market, particularly since it gives Murren a calling card as he looks to win a casino license in Japan.Lastly, there’s MGM’s stake in CityCenter, a development on the Las Vegas Strip that Murren built. He’s sold pieces, such as the mall, but has made it clear he’d like to own it all. MGM’s partner, Dubai World, has yet to show interest in selling. MGM’s half is worth about $1.9 billion, according to Joseph Greff, an analyst at JPMorgan Chase & Co.“We are somewhat cautious here on heightened investor expectations for real estate monetization,” Greff said in a research note earlier this month.In his decade as MGM’s CEO, and more than 20 years with the company, Murren has seen his counterparts come and go. After activist investors began circling, Caesars CEO Mark Frissora stepped down in April, and the company was sold two months later.With investors expecting MGM to take some action this year, doing nothing probably isn’t an option.To contact the reporter on this story: Christopher Palmeri in Los Angeles at email@example.comTo contact the editor responsible for this story: Nick Turner at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bernstein Research says Macau gaming is coming back amid recent protests in Hong Kong. Yahoo Finance's Akiko Fujita and Heidi Chung discuss.