Wall Street Zen updated its rating of
MGM Resorts International to "Hold".
Ryan Abboushi was welcomed as President of Entertainment. MGM has plans for room renovations at two of its Strip properties, despite reductions in certain classic Vegas services. The MGM CEO remains optimistic despite lower Q1 tourist numbers and revenue in Las Vegas. The company has been advocating for a competitive casino tax in Thailand, and is eyeing a boost in Vegas revenue from increased fees.
Cisco has entered into a multi-year agreement with MGM. Simultaneously, the company has eliminated concierge desks at six of its casinos. The company reported strong profits and initiated a $2 billion buyback.
Record April revenues were anticipated by the MGM CEO, even as institutional investors like
Quantinno Capital Management LP and Nuveen Asset Management LLC reduced their stakes in the company. MGM paid an
$8.5M penalty to settle money laundering complaints with an assurance to do better. The latest Q1 earnings were aligned with expectations, showing
strong growth in digital. The company saw a revenue drop, yet labeled Las Vegas numbers as 'solid'. The company's
CEO extended his contract through to 2028, and the EPA gave kudos to MGM for their food recovery efforts at the Bellagio. Lastly, they agreed to pay an
$8.5 million fine for violations tied to money laundering.
Mgm Resorts International MGM News Analytics from Mon, 21 Oct 2024 07:00:00 GMT to Sat, 24 May 2025 16:07:14 GMT -
Rating 3
- Innovation 4
- Information 7
- Rumor 3
