|Bid||31.270 x 1800|
|Ask||31.280 x 1000|
|Day's Range||30.880 - 31.355|
|52 Week Range||27.880 - 38.410|
|PE Ratio (TTM)||9.25|
|Earnings Date||Aug 2, 2018|
|Forward Dividend & Yield||0.48 (1.66%)|
|1y Target Est||38.38|
MGM Resorts International has filed federal lawsuits against more than 1,000 victims and relatives of last October's shooting rampage in Las Vegas in a bid to squelch liability claims against the hotel-casino giant. According to the suit, over 2,500 victims and related persons have either filed or threatened to file complaints against MGM Resorts and its affiliates. The company said claims against MGM and other parties cited in the suit must be dismissed based on a 2002 federal act which allows liability protection to any company that uses anti-terrorism technology.
MGM Resorts International sued the victims of a Las Vegas music festival mass shooting in an effort to block any potential compensation claims against it. The owner of the Mandalay Bay hotel claims a 2002 federal statute wipes out liability for any company that adopts “anti-terrorism technology,’’ which it says it did. After Stephen Paddock opened fire at festival goers from the Mandalay Bay hotel, killing 58 and wounding about 500, more than 2,500 individuals brought, or threatened to bring, lawsuits against MGM, the company said in its complaint, filed July 13 in Las Vegas federal court.
Casino stocks took a big hit following the release of gaming data from Macau showing lackluster results. Shares of Melco Resorts & Entertainment ( MLCO), MGM Resorts International ( MGM) and Wynn Resorts Ltd. ( WYNN) all tumbled on the news, but a number of analysts believe the selloff was overdone and that investors with a longer-term perspective could be rewarded for buying in at these depressed prices, according to Barron’s. Instinet analyst Harry Curtis, while adjusting his price targets lower for both Melco and MGM, sees them rising by 27% and 25%, respectively.
Key story highlights: MGM National Harbor recently unveiled a $48 million expansion of its casino due to "overwhelming customer demand." The expansion includes an expanded poker room, off-track horse betting, about 285 slot machines, a new bar and a fast-casual dining venue. MGM National Harbor has set new revenue records since it opened in 2016. MGM National Harbor debuted a $48 million expansion Sunday roughly 18 months after it opened in Prince George's County.
For the record, investment bank JPMorgan has been bullish on casino names MGM Resorts (NYSE:MGM), Las Vegas Sands (NYSE:LVS) and Wynn Resorts (NASDAQ:WYNN) for a while, making MGM stock worth another look at least. In March it recommended buying Wynn following founder Steve Wynn’s sizeable sale of his stake. JPMorgan seems to have something of a particularly soft spot in its heart for MGM Resorts, however, reiterating its “Overweight” rating on MGM stock earlier this week, saying things will get better for the casino operator during the latter half of 2018.
LAS VEGAS, July 10, 2018 /PRNewswire/ -- Xernona Clayton, who broke race and gender barriers in national broadcast TV and worked closely with Dr. Martin Luther King, Jr. to end racial inequality in America, will talk about her life and experiences at the 2018 Women's Leadership Conference (WLC). The conference, in its 12th year, is sponsored by The MGM Resorts Foundation.
Although some states, like Alaska and North Dakota, are cutting jobs, other states are more than making up for the slack. Here are the 10 states where job growth is at an all-time high.
Craig Graffius started EcoGlass Straws 12 years ago with three decades of glass-making experience and his vision for an alternative to the ubiquitous plastic straw. Today, his tiny four-person shop in Hood River, Oregon, is gearing up to turn out 2,000 handcrafted glass straws an hour. EcoGlass’s surging output underscores a wave of change sweeping through the supply chain as the straw emerges as a central symbol of the world’s plastic trash crisis.
LAS VEGAS, July 9, 2018 /PRNewswire/ -- MGM Resorts International announced that single-use plastic straws will only be served upon request at company operated restaurants in the U.S. As one of the world's top five largest non-chain restaurant operators in the world, MGM Resorts and its employees understand their responsibility in protecting our planet and helping reduce their carbon footprint. "MGM is one of the largest multi-concept restaurant operators in the world. As such, it is our responsibility to do our part to help eliminate debris from landfills and waterways," said Cindy Ortega, Senior Vice President and Chief Sustainability Officer, MGM Resorts International.
Macau-tied casino stocks Wynn Resorts (WYNN), Las Vegas Sands (LVS), MGM Resorts (MGM) and Melco Resorts & Entertainment (MLCO) rallied Monday along with China's stock market and after Wall Street issued upbeat views for the gaming sector.
Casino stocks recently sold off after disappointing gaming data from Macau, but there are plenty of analysts who argue that the decline was overdone and investors with a longer-term horizon especially should buy into the weakness. Instinet's Harry Curtis believes this is the case, although his preference is for Melco Resorts & Entertainment (MLCO) and MGM Resorts International (MGM). Curtis writes that investors have had to adjust their expectations lower, as plateauing volumes for casinos' VIP business are probably here to stay through the rest of the year, which will weigh on gross gaming revenue (GGR) growth rates and earnings forecasts.
Earlier this week, casino stocks sold off on disappointing gaming data from Macau, although some have argued that the decline is a buying opportunity. Morgan Stanley's Thomas Allen agrees: While Macau isn't risk-free, he argues that the selloff is overdone, and provides a nice entry point to an "attractive structural story." While gross gaming revenue (GGR) has disappointed for the last two months, he writes that there's still reason to be optimistic about the Chinese gambling hub: "Visitation remains strong, commentary on the ground remains positive, and major infrastructure tailwinds remain on the come." Las Vegas Sands (LVS) is Allen's favorite stock in the space. MGM Resorts (MGM) is another of his Overweight-rated stocks.
Back in mid-March, the U.S. Supreme Court handed down a critical decision for sports betting stocks. The justices — in a 6-3 outcome — declared the Professional and Amateur Sports Protection Act (PASPA) unconstitutional. In other words, sports betting will no longer be limited to just Nevada.
Gaming Stocks Showing Signs of Life Gaming stocks were showing signs of recovery Tuesday one day after weak revenue growth in the Macau gaming region in China sent gaming stocks tumbling. Shares of MGM Resorts International were up 0.
"You got to know when to hold 'em, know when to fold 'em," Kenny Rogers sings in his ballad "The Gambler." Gaming stocks investors should give a listen. Shares of Wynn Resorts WYNN , Las Vegas Sands LVS and MGM Resorts MGM fell nearly 8 percent, 6 percent and 3 percent, respectively after Macau gambling revenue results fell short of expectations. Wynn saw its single worst-day drop since January, when sexual misconduct claims against Steve Wynn were reported, leading to the casino magnate's departure as CEO.
Las Vegas Sands stock triggered a sell signal Monday as Macau gaming revenue growth missed views. Wynn Resorts, MGM Resorts and Melco Resorts also plunged.
LAS VEGAS , July 2, 2018 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) will release its financial results for the second quarter 2018 before the market opens on Thursday, August 2, 2018 . MGM Resorts ...
Macau's Gaming Inspection and Coordination Bureau said gaming revenue for June increased by less than expected.
HONG KONG, July 1 - Gambling revenue in the Chinese territory of Macau grew 12.5 percent in June, thanks to solid demand from Chinese betters keen to play in the country's only legal casino hub. June marks ...