15.40 +0.40 (2.67%)
After hours: 7:59PM EDT
|Bid||15.14 x 1800|
|Ask||15.40 x 1000|
|Day's range||13.87 - 15.28|
|52-week range||5.90 - 34.64|
|Beta (5Y monthly)||2.03|
|PE ratio (TTM)||3.87|
|Earnings date||26 Apr 2020 - 30 Apr 2020|
|Forward dividend & yield||0.60 (4.65%)|
|Ex-dividend date||08 Mar 2020|
|1y target est||29.06|
China suddenly shut down approximately 600-700 cinemas (again) despite its original plan to gradually reopen as a result of the slowdown.
Macau casinos resume operations after coronavirus-led shutdown. Macau gross revenues in March likely to be down sharply following a steep decrease in February.
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into MGM Resorts International (NYSE: MGM).
(Bloomberg) -- MGM Resorts International has no plans to take direct financial aid from the federal government, but may take advantage of loan guarantees only as a backstop if the coronavirus shutdown of the casino industry lasts too long.MGM doesn’t plan to borrow from the $450 billion federal stimulus fund passed by Congress and signed by President Donald Trump on Friday, the company said. Federal loan guarantees, however, could be useful.Jim Murren, who stepped down as the company’s CEO on March 22 and is now heading a virus-relief task force in Nevada, met with Trump in the White House on March 17 to argue for casino-industry aid.The $2 trillion coronavirus relief bill offers a number of benefits, in addition to the loan program. It extends workers’ unemployment assistance by 13 weeks and increases their weekly compensation by $600. It also allows companies to defer their payroll taxes, along with other tax incentives.“This is an unprecedented crisis, and we appreciate the federal government taking decisive action to mitigate the impact and support Americans during this time of need,” MGM said in the statement. “Our goal is to reopen our doors and get employees back to work as soon as public health and safety allow. These provisions help pave the way for that outcome.”MGM, the largest operator of resorts on the Las Vegas Strip, has closed all of its U.S. casinos to help prevent the spread of the virus. The company said earlier Friday it was cutting costs, laying off workers and delaying capital spending. MGM also said it had $3.9 billion in cash on hand.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Boyd Gaming (BYD) suspends dividend in an effort to preserve cash and maintain ample liquidity in case of a financial crisis due to the coronavirus outbreak.
(Bloomberg) -- Citigroup Inc. and Deutsche Bank AG are among lenders stuck with billions of dollars of debt backed by MGM Grand and Mandalay Bay properties in Las Vegas, with the coronavirus pandemic’s impact on casinos hampering the banks’ ability to syndicate the loan.A joint venture of MGM Growth Properties LLC and Blackstone Real Estate Income Trust used $3 billion of financing to purchase the casinos last month, and Citigroup, Deutsche Bank, Barclays Plc and Societe Generale SA had planned to syndicate $1.9 billion of the total as commercial mortgage-backed securities. The efforts were met with tepid demand and the CMBS plans were put on hold, leaving the banks with the debt, according to people with knowledge of the matter.Representatives for Citigroup, Deutsche Bank and Barclays declined to comment, while spokespeople for Societe General, MGM Growth Properties and Blackstone didn’t immediately respond to requests for comment. It’s not clear now much of the loan each bank holds.MGM Resorts International, which continues to operate the MGM Grand and Mandalay Bay, has shuttered operations in Nevada and New Jersey to help stem the spread of the deadly virus. The CMBS facility has an initial term of 12 years, with an anticipated repayment date in March 2030, and bears an interest rate of 3.308% per year, according to filings.Pricing of the CMBS was expected during the week of March 9, Bloomberg reported earlier this month.If broad syndications are unsuccessful, banks typically retain loans on their balance sheets until market conditions improve and the deal can be brought back. However, it’s possible some banks may seek to reduce their exposure in off-market transactions.It’s not the only casino financing presenting a headache on Wall Street. Banks involved in Eldorado Resorts Inc.’s acquisition of Caesars Entertainment Corp. face an uphill battle offloading associated debt to investors amid concerns about the pandemic’s long-term impact on the travel and leisure industry, Bloomberg has reported.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Chief Executive and Chairman Jim Murren is stepping down prior to the expiration of his contract in light of the crisis. Paul Salem, who currently is a board member, will be made its chair, the company said on Sunday.
(Bloomberg) -- Casino giants Caesars Entertainment Corp. and MGM Resorts International are drawing down their credit as they cope with coronavirus fallout, including shuttered casinos and what may be an extended slump for travel and entertainment.Caesars said Monday that it would tap more than $1.15 billion from its revolving credit lines. Earlier, Bloomberg News reported that MGM is planning to draw down as much as $1.5 billion of its backup loans. The Las Vegas-based companies joined casino rivals such as Wynn Resorts Ltd. and Penn National Gaming Inc. in seeking to shore up their balance sheets as the global pandemic roils markets and forces closures.MGM, Wynn and Las Vegas Sands Corp. were already hurt by a reduction in travel to their Macau properties, which were forced to close for 15 days last month. States ordering casinos to close in recent days to help prevent the spread of the disease include Massachusetts, Michigan and Ohio.Nevada’s mighty casino industry can’t make up its mind about the virus, however. MGM Resorts and Wynn, two of the largest players on the Las Vegas Strip, said they would shut their casinos this week. Caesars and Sands are keeping their properties open.“We will continue taking the recommended precautions necessary to keep our team members and guests safe,” Sands said in a statement.On Sunday, Nevada Governor Steve Sisolak ordered schools and state offices closed statewide, but he stopped short of casinos, saying he would “strongly support” any operators that did close. The state told casinos to not let patrons serve their own food at buffets, to place no more than three chairs at each blackjack table and to wipe every slot machine at least once every two hours.Caesars canceled shows. Casino operators have also been cutting workers. Employees and guests have been diagnosed with the virus in Las Vegas, and one person who worked at MGM’s casino in Yonkers, New York, died.MGM shares plunged 34% on Monday to close at $10.25, the biggest one-day drop in more than three decades. The stock had already fallen more than 50% in the past month through the end of last week, outpacing declines in the S&P 500 Index.The casino operator terminated an offer last week to buy back $1.25 billion in shares.“We believe the company has ample liquidity to weather the current uncertainties in the marketplace,” Jim Murren, MGM’s chairman and chief executive officer, said at the time.In addition to the revolving credit facility, the company has cash investments of about $2.4 billion.To contact the reporters on this story: Gillian Tan in New York at firstname.lastname@example.org;Christopher Palmeri in Los Angeles at email@example.comTo contact the editors responsible for this story: Alan Goldstein at firstname.lastname@example.org, Craig GiammonaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Las Vegas giants Wynn Resorts and MGM are temporarily shutting down their Vegas properties to battle the coronavirus.
MGM Resorts (MGM) withdraws its previously announced modified Dutch auction tender offer as Coronavirus fears the U.S. gaming industry.
MGM Resorts International (NYSE:MGM) stock is about to trade ex-dividend in 4 days time. You will need to purchase...
The NFL has gradually given in to sports betting, and its latest move is to allow teams to build out casino-sponsored lounges in their stadiums.
The lawsuit was filed by law firm Morgan & Morgan, whose lawyer John Yanchunis has also represented some Yahoo users in a breach of 3 billion accounts between 2013 and 2016. MGM Resorts said on Thursday that last summer it "discovered unauthorized access to a cloud server that contained a limited amount of information for certain previous guests". Technology website ZDNet reported that the personal details of more than 10.6 million guests who stayed at MGM Resorts hotels were published on a hacking forum this week.