MGM beats 2Q profit forecasts LAS VEGAS (AP) -- MGM Resorts International (MGM) on Thursday reported second-quarter profit of $474.4 million. MGM beats 2Q profit forecasts The Las Vegas-based company said it had profit of 83 cents per share. Earnings, adjusted for non-recurring gains, came to 26 cents per share. The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share. The casino and resort operator posted revenue of $2.27 billion in the period. MGM shares have risen almost 5 percent since the beginning of the year. The stock has increased 20 percent in the last 12 months. http://finance.yahoo.com/news/mgm-beats-2q-profit-forecasts-122735231.html
Not an outstanding jump today but it should set the picture of what is to come. Maybe I should be a bookie MGM Resorts (MGM) Had 'Best' July Ever, CEO Murren Tells CNBC https://www.thestreet.com/story/136...murren-tells-cnbc.html?puc=yahoo&cm_ven=YAHOO
Atlantic City casino employees flocking to MGM National Harbor for work Atlantic City’s collapse may be MGM National Harbor’s gain. MGM Resorts International (NYSE: MGM) CEO James Murren told CNBC’s “Power Lunch” program on Thursday that the 1 million-square-foot National Harbor resort scheduled to open in December will not only benefit, at least on the staffing side, from Atlantic City’s downward spiral, but it may also further wound the New Jersey city’s economy. http://www.bizjournals.com/washingt...sino-employees-flocking-to-mgm.html?ana=yahoo
24.60 +0.15 +0.63% MGM Resorts International (MGM) Shares are Up 1.96% MGM Resorts International (MGM) : Traders are bullish on MGM Resorts International (MGM) as it has outperformed the S&P 500 by a wide margin of 3.91% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.53%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 1.96% in the last 1 week, and is up 6.49% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock. http://www.thefoundersdaily.com/mgm-resorts-international-mgm-shares-are-up-1-96/639077/
MGM inching up to the $25 target and was holding good today when the markets were down.This is a short term target,now near target. I expect a big rise in the mid to long term. As Macau is getting better and by the time they open their new casino in the 2 quarter on next year gaming should be a popping in Macau. And of course Vegas is only getting better with Hockey to be played MGM's home court, T-Mobile arena that is.
MGM going against the grain as the other part of the big 4 is going after VIP again as well as mass play. They have also delayed the new casino for a Q2 opening. Playing it safe I guess. MGM Cotai planned for mass tables only http://www.ggrasia.com/category/latest-news/macau/
MGM giving back some of the gains this morning as the markets are red. Almost cracked $25 yesterday so it is time to back up the bus before moving forward Run since the latter part of June
Nothing political but Trump has not done well in the casino business. Borgata has best-ever month; Trump Taj Mahal in strike slump ATLANTIC CITY, N.J. (AP) -- Atlantic City's top casino had its best month ever even as a soon-to-close casino faltered amid a monthlong strike that helped prompt its billionaire owner to decide to shut it down. The Borgata won nearly $85 million from gamblers in July, its best month ever and a 12.1 percent increase over July 2015. That came as the Trump Taj Mahal casino posted an 8.2 percent revenue decline amid a strike by the city's main casino workers' union. The casino opened by Donald Trump in 1990 is now owned by his friend and fellow billionaire Carl Icahn, who plans to shut it down Oct. 10, citing multimillion-dollar monthly losses due in part to the strike. Overall, revenue at Atlantic City's eight casinos was up 6.9 percent in July, to $275.2 million. But the biggest news came from the Borgata, which was recently fully acquired by MGM Resorts International, which formerly owned half of it. It won $84.7 million from gamblers in July. http://finance.yahoo.com/news/revenue-down-8-4-percent-182559459.html
MGM Resorts International To Increase Its Stake In MGM China Holdings Limited LAS VEGAS, Aug. 16, 2016 /PRNewswire/ -- MGM Resorts International (MGM) (the "Company") today announced that it has entered into a definitive agreement to acquire 188,100,000 ordinary shares of its subsidiary MGM China Holdings Limited ("MGM China") (2282.HK), from Grand Paradise Macau ("GPM"), a an entity controlled by Ms. Pansy Ho. As a result of the transaction, the Company will acquire an additional 4.95% of the outstanding ordinary common shares of MGM China and will own approximately 56% of MGM China's outstanding common shares. "MGM Resorts is committed to the long term growth of Macau as a premier international tourism destination and we are pleased that we can build upon our longstanding relationship with Pansy to further work toward our mutual interests," said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts. "Together, we believe in the future of the Macau marketplace and are confident in the success of MGM China as we expand into Cotai next year." "The transaction represents another important step in expanding this multifaceted relationship with the MGM Resorts, while remaining a significant shareholder in MGM China," said Pansy Ho. "I am excited to deepen my relationship with the MGM family." http://finance.yahoo.com/news/mgm-resorts-international-increase-stake-113500024.html
Has MGM touched the bottom? Down on Macau and market pressure the market has this one wrong. MGM has the least exposure to Macau, as their biggest revs come from the States. In Friday's market drop, MGM was the only gaming stock to close in the green
With the Las Vegas Strip Revenue Up 16.7% In July this might be a good time to start a position during this market meltdown
It won't probably won't happen today but should in the near term with good numbers in Vegas and Macau
Morgan Nudges MGM Estimates Higher On Bigger MGM China Stake Earlier this month MGM Resorts (MGM) announced that it had completed its acquisition of 188,100,000 shares of its subsidiary, MGM China Holdings Limited, from Grand Paradise Macau. The latter is controlled by Pansy Ho, who has been drawing down her investment in MGM. Mel Evans/Associated Press The transaction means that MGM now owns about 56% of MGM China’s shares, up from 51% previously. JPMorgan’s Joseph Greff reiterated a Overweight rating and $32 price target on the stock Tuesday following the deal: http://blogs.barrons.com/emergingma...er-mgm-china-stake/?mod=yahoobarrons&ru=yahoo
Canyon Capital Advisors buys $417,536,448 stake in MGM Resorts International (MGM) http://www.thefoundersdaily.com/can...take-in-mgm-resorts-international-mgm/664755/
