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Stock Market & Financial Investment News

News Breaks
June 10, 2014
08:16 EDTMGMMGM Resorts likely to get Springfield icense this week, says FBR Capital
FBR Capital notes the Massachusetts Gaming Commission is meeting this week to issue the sole Western Massachusetts license, with MGM Resorts being the only bidder. FBR believes MGM is likely to get the license, and it estimates an annual EBITDA contribution of $125M for the project. The firm has an Outperform rating on the stock with a $35 price target.
News For MGM From The Last 14 Days
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October 1, 2014
09:13 EDTMGMMGM Resorts and AEG announce $200M funding for new seat arena
MGM Resorts International and AEG announced that they have finalized a $200M bank facility to fund the development and construction of a new 20,000 seat arena. Located on the west side of the Las Vegas Strip, between New York New York and Monte Carlo resorts, the new $375M privately funded world-class arena is currently under construction. The Las Vegas Arena is scheduled to debut in the spring of 2016.
September 30, 2014
17:24 EDTMGMMGM Resorts CEO says taking 'long view' on China issues
Says does not know the immediate impact of Hong Kong protests on Macau operations. Jim Murren is speaking on CNBC.
September 29, 2014
07:23 EDTMGMUBS & Deutsche Bank to co-host a forum
Gaming Investment Forum to be held in Las Vegas on September 29-30 with webcasted company presentations to begin on September 29 at 12 pm; not all company presentations may be webcasted. Webcast Link
September 26, 2014
09:33 EDTMGMNevada reports August statewide gaming win down 3.66% to $920.29M
Nevada reports August Las Vegas Strip gaming win down 6.08% to $553.19M. 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).
September 22, 2014
07:37 EDTMGMLarge-Cap Gaming sector downgraded at Wells Fargo
Wells Fargo downgraded the Large-Cap Gaming sector to Market Weight from Overweight while cutting its ratings on Las Vegas Sands (LVS), Wynn Resorts (WYNN) and Melco Crown (MPEL) to Market Perform from Outperform. Wells believes near-term uncertainty in Macau has increased, making the risk/reward on shares balanced for the next 6-12 months. The firm thinks second half of 2014 and 2015 EBITDA estimates still need to come down another 10%. Wells cuts its price target range for Las Vegas Sands to $60-$70 from $80-$85, for Wynn to $180-$200 from $245-$250 and for Melco to $28-$31 from $38-$40. The firm keeps a Market Perform rating on MGM Resorts (MGM) with a slightly reduced price target range of $23-$26.
September 19, 2014
10:06 EDTMGMOn The Fly: Analyst Downgrade Summary
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07:29 EDTMGMMGM Resorts downgraded to Hold from Buy at Argus
Argus downgraded MGM Resorts based on disappointing Macau gaming revenue.
September 18, 2014
06:47 EDTMGMMacau stocks getting closer to bottom, says JPMorgan
JPMorgan says most Macau stocks have a 2:1 upside/downside ratio, making the risk/rewards favorable. The firm prefers MGM Resorts (MGM) and Wynn Resorts (WYNN) over Melco Crown (MPEL) and Las Vegas Sands (LVS) in the near-term, but keeps Overweight ratings on all four names. JPMorgan lowered its price target for Las Vegas Sands to $69 from $83, for Melco to $31 from $40, for MGM to $30 from $31 and for Wynn to $210 from $239. The firm says the stocks are getting closer to a bottom.

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