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News Breaks
March 18, 2014
12:34 EDTMGMMGM Resorts, Thunder Valley Casino Resort announce partnership
Thunder Valley Casino Resort and MGM Resorts announced a marketing relationship to enhance their respective rewards programs, Thunder Rewards and M life, and benefits offered to members. This marketing partnership creates reciprocal benefits for the loyalty programs of both companies. Thunder Rewards members will receive offers at MGM Resorts destinations in Las Vegas, while MGM Resorts' M life members will receive offers at Thunder Valley Casino Resort in Lincoln, California.
News For MGM From The Last 14 Days
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May 4, 2015
11:55 EDTMGMMGM Resorts says company is real estate 'rich'
Company says looking at options to "unlock" value including REIT structure. Says asset sales are an option for company. Says company is in a position of strength.
11:19 EDTMGMMGM Resorts says added advisors to explore REIT structure
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11:18 EDTMGMMGM Resorts says board has evaluated REIT option for years
Comments from Q1 earnings conference call.
08:19 EDTMGMMGM Resorts reports Q1 MGM China revenue down 33% to $630M
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08:18 EDTMGMMGM Resorts reports Q1 Casino revenue at wholly owned domestic resorts up 1%
Casino revenue related to wholly owned domestic resorts increased 1% compared to the prior year quarter due primarily to a 5% increase in slots revenue as a result of a 9% increase in slots volume at the Company's regional resorts. Table games hold percentage in the first quarter of 2015 was 20.1% compared to 20.8% in the prior year quarter, which negatively affected Adjusted Property EBITDA by approximately $8M. Rooms revenue increased 2% compared to the prior year quarter with Las Vegas Strip REVPAR up 1%.
08:17 EDTMGMMGM Resorts reports Q1 slots revenue at wholly owned domestic resorts up 5%
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08:16 EDTMGMMGM Resorts reports Q1 EPS 33c, consensus 14c
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May 1, 2015
17:01 EDTMGMVail Resorts issues statement on Director Richard Kincaid's resignation
"Today, Vail Resorts (MTN) responded to certain accusations and insinuations being made by Land and Buildings Investment Management in their most recent press release and presentation related to MGM Resorts (MGM) regarding the circumstances of the resignation of Richard Kincaid from the Vail Resorts Board of Directors. First, to avoid even the appearance of a potential conflict, Roland Hernandez did not participate in the Vail Resorts Board of Directors' discussion that led to the resignation of Mr. Kincaid, nor did Mr. Hernandez lobby or try to influence the outcome of those discussions in any way. Second, the Vail Resorts Board of Directors has no prohibition against its directors serving as a director nominee for an "activist" investor. Third, Vail Resorts treats its discussions with Mr. Kincaid as confidential. However, given that Mr. Kincaid has already shared these discussions with the media and with Land and Buildings, Vail Resorts believes it's appropriate to provide background for these events. Vail Resorts was first alerted to Mr. Kincaid's involvement as a director nominee for MGM through a Land and Buildings public SEC filing. Vail Resorts governance guidelines require that before directors accept an invitation to serve on another public board of directors, they should inform the Nominating & Governance Committee, which is the Committee responsible for reviewing whether other board service would present a conflict or otherwise not be in the best interests of Vail Resorts. Prior to the Vail Resorts Board of Directors discussing the matter, Mr. Kincaid indicated that regardless of the views of the Vail Resorts Board of Directors, he would not withdraw from the MGM situation. Mr. Kincaid indicated that if asked, he would resign from the Vail Resorts Board of Directors, but Mr. Kincaid cautioned that if he was asked to resign, Land and Buildings would likely attempt to make Vail Resorts an "issue" in the MGM situation, which could be detrimental to Vail Resorts. After reviewing Mr. Kincaid's actions and statements, the Vail Resorts Board of Directors, excluding Mr. Hernandez, discussed the situation and asked Mr. Kincaid to resign, which he did. Vail Resorts' governance guidelines are in place to protect the interests of Vail Resorts' shareholders and the Vail Resorts Board of Directors makes its decisions solely on the basis of what is in the best interests of Vail Resorts."
14:02 EDTMGMLand and Buildings says believes value of MGM Resorts is $30-$33 per share
Land and Buildings issued the following comment on the statement issued by Tracinda Corporation regarding MGM Resorts: “We are encouraged by Tracinda’s comments regarding their support of evaluating all avenues to deliver value at MGM, including a potential REIT conversion, as well as their commitment to the highest standard of compensation practices. It has been our stance all along that unlocking value needs to be a focus of MGM’s board, and based on our analysis in consultation with advisors, we believe the net asset value of MGM is in the range of $30-$33 a share – representing significant upside to the current share price. However, we also believe that with their deep experience our board nominees are uniquely positioned to help drive a credible review of the options at MGM and ensure that the best ideas prevail. Given the lack of urgency MGM has demonstrated to date around exploring ways to enhance shareholder value, we believe that the addition of new voices and skill sets to the board of MGM is needed, and needed now.”
April 29, 2015
09:34 EDTMGMNevada reports March statewide gaming win down 3.15% to $951.25M
Reports Las Vegas Strip gaming win down 9.58% to $507.03M. Publicly traded companies in the space include Boyd Gaming (BYD), Caesar's (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
April 28, 2015
19:18 EDTMGMCasino stocks drop after Wynn's Q1 earnings report
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19:10 EDTMGMOn The Fly: After Hours Movers
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08:39 EDTMGMMGM Resorts sends letter to shareholders to refute Land & Buildings accusations
In a letter to shareholders, MGM commented, "Today, we are also compelled to address 0.38% shareholder Land & Buildings' lawed proposal and mischaracterization of MGM's performance and investment decisions. In addition, we want to make clear why the Board members targeted by L&B are integral to the effectiveness of the MGM Board and the success of our business. Contrary to L&B's assertions, MGM is very well positioned to continue delivering value to shareholders and has a clear strategy in place to deliver on the company's potential... In addition to driving the implementation of this strategy, MGM's Board has and will continue to actively evaluate all strategic options for sustainable growth including a partial or total REIT conversion. Our full Board is the right one to oversee your investment in MGM and, as we recently disclosed, Evercore Group L.L.C. has been engaged and added to MGM's team of existing advisors to evaluate all strategic options.... Since 2012, MGM's Board has driven strong operating performance in net revenues and Adjusted Property EBITDA, achieving a 5% net revenue CAGR and 11% Adjusted Property EBITDA CAGR... In addition to implementing a successful strategy to drive MGM's strong operating performance, the Board has successfully positioned the Company for sustainable growth. The Board has thoughtfully allocated capital by enhancing existing properties and has also supported trend setting capital-light partnership strategies. The capital investments the Company is currently making will ensure long-term value creation. We believe L&B's assertion that we stop making those investments in the Company's future is completely unsupportable... If L&B is successful in removing the directors it has targeted, MGM will lose critical experience in labor and government relations, gaming and hospitality, media, international business, public utilities, energy, sustainability, and diversity programs, among other areas that are of critical importance to our business."
April 27, 2015
09:35 EDTMGMLand and buildings calls for MGM to eliminate Dead Hand Proxy Put provision
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