MGM - MGM Resorts International

NYSE - Nasdaq Real-time price. Currency in USD
31.15
+0.05 (+0.14%)
As of 2:57PM EST. Market open.
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Previous close31.10
Open31.30
Bid31.15 x 3000
Ask31.16 x 2900
Day's range31.02 - 31.33
52-week range21.62 - 31.68
Volume3,617,280
Avg. volume5,226,372
Market cap16.07B
Beta (3Y monthly)1.48
PE ratio (TTM)10,381.67
EPS (TTM)0.00
Earnings date11 Feb 2020 - 17 Feb 2020
Forward dividend & yield0.52 (1.68%)
Ex-dividend date2019-12-09
1y target est33.76
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    (Bloomberg) -- MGM Resorts International and MGM Growth Properties LLC are seeking an investor for a joint venture that would own at least two prominent Las Vegas properties, according to people with knowledge of the matter.The duo have solicited interest in the MGM Grand Hotel & Casino and the Mandalay Bay Resort & Casino from investors that have historically bet on gaming properties, said the people, who requested anonymity because the talks are private. A representative for MGM Resorts declined to comment and representatives for MGM Growth Properties didn’t immediately respond to requests for comment.MGM Resorts created the real estate investment trust MGM Growth in 2016 and sold a minority interest to the public. The REIT owns most of MGM Resorts’ casinos and leases them back to the company to operate.MGM to Pay Up to $800 Million to Vegas Mass-Shooting VictimsThe Mandalay Bay is one of 13 properties owned by MGM Growth according to a filing. The MGM Grand, one of few properties still owned by MGM Resorts, is expected to be sold by the end of the year, the company said last month. The transaction would mark one of the final steps toward its goal of becoming an “asset-light” casino operator.Last month, it agreed to sell the Bellagio to Blackstone Group in a $4.25 billion deal and the Circus Circus casino to real estate mogul Phil Ruffin.To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.netTo contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Craig GiammonaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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    (Bloomberg) -- MGM Resorts International expects to announce a buyer for its flagship MGM Grand resort in Las Vegas by the end of year, marking one of the final steps toward its goal of becoming an “asset-light” casino operator.The company agreed this month to sell the Bellagio resort in Las Vegas to Blackstone Group in a $4.25 billion deal under which MGM will continue to manage the property. MGM is also selling its Circus Circus casino in the city to real estate mogul Phil Ruffin.Chief Executive Officer Jim Murren said on a conference call Wednesday that he’ll use the proceeds from the MGM Grand sale to reduce debt and invest in new growth opportunities, including a potential $10 billion casino in Japan and sports betting in the U.S.The company’s transition should result in higher free cash flow per share and a more flexible financial structure that allows MGM to better capitalize on its strengths as a casino developer and manager, Murren said.MGM Resorts is continuing to evaluate the sale of its remaining real estate assets -- including CityCenter, a joint venture with Dubai World that owns the Aria resort in Las Vegas. The company also plans to reduce its majority stake in MGM Growth Properties, a real estate investment trust, Murren said.A half-dozen large real estate investors considered buying the Bellagio before Blackstone won out, according to Murren. He said the company is committed to reducing its stake in MGM Growth Properties to under 50% or less. The REIT could be a buyer of the MGM Grand.“If it came down to a transaction between a third party and MGP, we’re always going to favor MGP in a close race,” Murren said.The company has been under pressure from activist investors to boost its stock price over the past few years. Murren has taken steps to do so, including two rounds of companywide cost cutting.In 2016, the company put the bulk of its properties into MGM Growth. That entity also has an option to purchase a Massachusetts casino, the MGM Springfield, which will become the company’s last wholly owned casino in the U.S. once the MGM Grand sale is completed.Separately, MGM reported third-quarter sales that fell short of analysts’ estimates as result of fewer Asian visitors playing baccarat in Las Vegas. Profit beat expectations on the acquisition of new regional casinos and the addition of new high-roller suites in Macau.The shares were up 1.3% to $29 in extended trading. The stock initially fell, but recovered after the MGM Grand sale plan was announced.Murren reiterated his target of as much as $3.9 billion in earnings before interest, taxes, depreciation and amortization next year.(Updates sale plans starting in sixth paragraph)To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.netTo contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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    Companies In The News Are: GM, ACRS, MGM, AVD

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