|Day's Range||1.4500 - 1.4500|
Hong Kong casino operator Melco Resorts & Entertainment Ltd is cooperating with Japanese prosecutors in a widening bribery investigation of a senior Japanese ruling party lawmaker, a source said on Wednesday. "Tokyo prosecutors sent Melco a letter and visited the office on Jan 17 after receiving no reply," said the source, who was briefed on the matter. Melco's office was empty that day, but it is now cooperating with investigators, he said.
The Chinese territory of Macau has become a near-ghost town during what is typically the busiest time of year in the world's biggest casino hub, after authorities announced a raft of measures to keep visitors away and contain the new coronavirus. The local government late on Tuesday said it would curb its individual visit scheme through which visitors gain entry from mainland China, days after it suspended inbound package tours. The steps come as deaths from the coronavirus reached 132 in China on Wednesday with 1,500 new cases.
We discuss how the rapidly spreading coronavirus can sneak in to your portfolio and hurt returns from holdings in the consumer discretionary sector.
MGM Springfield executives, even before the ouster of President Mike Mathis, have been talking about emphasizing hospitality, food, beverage and lodging businesses in the face of declining gambling revenue.
MGM Resorts International (NYSE: MGM) was named to Forbes' list as one of America's Best Employers for Diversity 2020. Forbes, in partnership with the research firm Statista, compiled the annual list by independently surveying more than 60,000 employees at companies that employ at least 1,000 people within the U.S.
Shares of casino operators with heavy exposure to China are taking a broad beating in premarket trading Monday, as the rapid spread of the deadly coronavirus out of Wuhan, China has led to travel bans. Shares of Wynn Resorts Ltd. sank 9.1%, Melco Resorts & Entertainment Ltd. fell 9.4%, Las Vegas Sands Corp. shed 7.9% and MGM Resorts International dropped 5.3%. The death toll from the coronavirus has reached 80 through Monday morning, which lockdowns expanded to 17 cities in China. The selloffs far outpace the weakness in the broader stock market, as futures for the S&P 500 fall 1.6%.
MGM Resorts International (NYSE: MGM) is proud to announce that it received a perfect score of 100 on the 2020 Corporate Equality Index (CEI), the nation's premier benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality, administered by the Human Rights Campaign (HRC) Foundation. MGM Resorts joins the ranks of more than 680 major U.S. businesses that also earned top marks this year.
MGM Resorts International (NYSE: MGM) and the Las Vegas Raiders today announced a new partnership, making MGM Resorts An Official Gaming Partner of the Raiders. MGM Resorts also has been named a Founding Partner of Allegiant Stadium and An Official Home of the Raiders Pre- and Post-Game Party.
Traders are leaving the casino stocks on the news and their charts indicate their prices could slide even more before support develops.
MGM Resorts International has been named among FORTUNE's 2020 list of the World's Most Admired Companies, available online at www.FORTUNE.com.
Macau casino stocks were hammered on Tuesday as investors worried fears over the deadly coronavirus in China would hurt Macau’s gaming revenue during the upcoming Chinese New Year period. Bank of America analyst Shaun Kelley said the market may be overreacting to the situation. The CDC has confirmed nine deaths and hundreds of cases of the Wuhan virus, but Kelley said this isn’t the first time in recent history there has been a virus scare in China.
The latest global economic news, which includes a deadly virus that began in central China. Trump's speech in Davos. Uber news. What to expect from Netflix earnings. And why GoDaddy (GDDY) is a Zacks Rank 1 (Strong Buy) stock right now...
Increasing worries over the outbreak of the deadly coronavirus from China have knocked down the shares of casino operators on Tuesday, which generate significant amounts of revenue from their Macau opertions. Shares of Las Vegas Sands Corp. sank 6.1% in premarket trading, as about 62% of total revenue over the last 12 months was from Macau, according to FactSet. Wynn Resorts Ltd.'s stock tumbled 6.3%, as its Macau operations generated about 75% of its revenue, according to FactSet. The selloffs come as the futures for the S&P 500 fell 0.3%. Shares of MGM Resorts International, which had about 21% of revenue from Macau, according to FactSet, declined 2.2%. Six people have died from the coronavirus, and 291 have been infected, according to an Associated Press report.
Las Vegas Sands' (LVS) fourth-quarter 2019 revenues are expected to have declined due to soft Sand Cotai Central. Yet, higher margins from mass and non-gaming segments are likely to have boosted its profits.
The Pamunkey Indian Tribe announced Friday plans to develop a $350 million resort and casino in Richmond, Virginia, a facility that could chip away at MGM National Harbor's dominance in the greater region. The tribe has purchased, or has under contract, four parcels in Manchester, on the Richmond's southside, totaling 49 acres. The Pamunkey's Richmond casino is in addition to one it plans in Norfolk.
On Monday, Jan. 20, the Las Vegas community will come together to participate in the 38th annual Dr. Martin Luther King, Jr. Parade. MGM Resorts International (NYSE: MGM) will be the presenting sponsor of the parade for the 10th consecutive year.