MGM was starting to drop off and then the market rally pushed it up to the upper BB and set another 52 week high
Billionaire Joshua Friedman’s Canyon Capital is Betting Big on These Stocks MGM Resorts International (NYSE:MGM) – Shares Owned by Canyon Capital Advisors (as of June 30): 17.41 Million – Value of Holding (as of June 30): $394 Million Canyon Capital Advisors increased its stake in MGM Resorts International (NYSE:MGM) by 2% during the second quarter. Other funds that also increased their stakes in the company during that time included Eduardo Abush‘s Waterfront Capital Partners and Joseph Mathias‘ Concourse Capital Management. Although MGM Resorts International (NYSE:MGM)’s stock has mostly been in a range since the beginning of 2014, it has appreciated by 13.41% so far in 2016. Last month the company announced that it has completed its previously announced issuance of $500 million of 4.625% senior notes due 2026. MGM Resorts International intends to use the proceeds from this offering to help redeem its 7.625% senior notes due 2017. For its fiscal 2016 third quarter, analysts are expecting the company to report EPS of $0.11 on revenue of $2.37 billion. For the same quarter of the previous financial year, MGM Resorts International had reported EPS of $0.12 on revenue of $2.28 billion. http://www.insidermonkey.com/blog/b...apital-is-betting-big-on-these-stocks-475011/
Interesting...I knew non gaming was a big part of their revs but not that much. MGM Resorts (MGM) CEO Murren Says '75% of the Revenue in Las Vegas is Non-Gaming NEW YORK (TheStreet) --MGM Resorts (MGM) CEO James Murren discussed several topics regarding the casino business this morning on CNBC. Among them, the current ventures in Las Vegas, new ventures the company will be embarking on, and why 75% of its business is non-gaming. "Fortunately Las Vegas is doing very well, and we own half of the entire market there. It's because businesses have more conventions in our convention space," Murren said on this morning's "Squawk Box." Las Vegas is also getting a boost from more people going on vacation, better rates, and activity, and the airport has benefited from an increase in international flights, he noted. Additionally, MGM will open a new building at National Harbor near Washington DC in December. Regarding the business of MGM, Murren explained where the company's revenue stems from. "Seventy-five percent of our revenue in Las Vegas is non-gaming. We're more of a non-gaming company," he said. Emphasizing conventions, rooms, entertainment, and retail as the primary drivers of revenue outside the gaming part of the business. Moreover, while the gaming business has been "flattish" the non-gaming is the highest growth part of the company, Murren noted. Shares of MGM Resorts opened higher on Tuesday. Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C. MGM's strengths such as its solid stock price performance, increase in net income and expanding profit margins are countered by weaknesses including disappointing return on equity and generally higher debt management risk. https://www.thestreet.com/story/137...gas-is-non-gaming.html?puc=yahoo&cm_ven=YAHOO
As the September, Macau gaming revenue rose 7.4% YOY, MGM was up on the Hong Kong exchange 3.10%. As the Golden Week started yesterday and McCarran airport notches 2.3 percent rise in August, I expect MGM to get a good lift.
I am starting to sound like a broken record...Another 52 week high MGM Resorts Wants Atlanta MGM Resorts International (MGM) chairman and chief executive officer, Jim Murren, recently visited the Rotary Club of Atlanta. His mission was to win over local business and civic leaders while selling them on the idea that an MGM resort and casino in downtown Atlanta would be a good idea. Murren’s top selling points were that a $1.4 billion+ resort would help drive the local economy and boost the lottery-supported HOPE Scholarship program. An estimated 4,000 jobs would be created. He also pointed out that based on MGM research, Georgians spend $600 million per year at casinos outside of the state, which means that casino-related revenue generation is not creating local jobs and supporting education. http://finance.yahoo.com/m/5fabca81-4087-397c-a6aa-214576ef670e/ss_mgm-resorts-wants-atlanta.html
MGM Resorts (MGM) Stock Advances, Nomura Ups Price Target MGM Resorts (MGM) stock price target was rasied to $32 at Nomura, as the firm expects a series of mostly positive catalysts for MGM NEW YORK (TheStreet) -- Shares of MGM Resorts (MGM) were climbing on heavy trading volume late Wednesday afternoon as Nomura upped its price target to $32 from $28. The firm has a "buy" rating on the Las Vegas-based casino operator, saying it expects a stream of largely positive catalysts for MGM for "the first time in several years." MGM should see "above trend" RevPAR growth in the 2017 fiscal first quarter as a result of conventions in Las Vegas, Nomura noted. Additionally, the company's National Harbor casino is slated to open Dec. 8 in Prince George's County, MD. It will be the "region's must see resort in the Mid-Atlantic," the firm said. MGM Cotai should also generate EBITDA growth in Macau "for the first time" since the fiscal 2014 fourth quarter, Nomura added. The markets may be unpredictable, but Jim Cramer can show you how to navigate it like a pro. Follow his blue-chip portfolio of stocks at Action Alerts PLUS. Join today and try it for 14 days—FREE! The casino is based in the Southern Chinese territory's Cotai strip and is expected to open by the end of the fiscal 2017 first quarter, MGM said. About 5.29 million of the company's shares have changed hands so far today vs. its average volume of 5.13 million shares per day. https://www.thestreet.com/story/138...-ups-price-target.html?puc=yahoo&cm_ven=YAHOO
When he says gaming, is he referring to sports gambling? And does he count the casino in the entertainment? I know (non-MGM) casinos give away tickets to shows, so I was suspecting the casino must be included in entertainment.
He is referring to all gaming including sports gambling. Unless things have changed in the last few years, each department at MGM is held accountable for their own revenues, including entertainment. In the old days they would throw in food, shows, etc just to get you into the door. They have tightened up on that considerably unless you are a high roller. All the major casino's have player cards that you can get perks from as you build up your points. City wide every thing changed when the mob was replaced with corporations. The non-MGM casino's may give away tickets to shows but I doubt you are going to see the headliners.
