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MGM

MGM Resorts

$27.87

-0.1 (-0.36%)

16:12
10/15/19
10/15
16:12
10/15/19
16:12

MGM Resorts to form joint venture with Blackstone Real Estate Income Trust

MGM Resorts announced that it has entered into a definitive agreement to form a joint venture with Blackstone Real Estate Income Trust that values the real estate of Bellagio at $4.25B, which represents a purchase price multiple of 17.3x rent. In this landmark transaction for the gaming and entertainment industry, the joint venture will acquire the Bellagio real estate and lease it back to a subsidiary of MGM Resorts for initial annual rent of $245M. MGM Resorts will receive a 5% equity interest in the joint venture and cash of approximately $4.2B. The transaction is expected to close in the fourth quarter, subject to certain closing conditions. Central to executing this strategy is monetizing real estate efficiently and effectively redeploying the significant amount of capital the company is unlocking. Between the Bellagio transaction and the pending Circus Circus sale, the company is expecting to receive gross proceeds of approximately $5B and estimated net cash proceeds (including expected transaction costs) of $4.3B. These transactions are the first steps in executing the asset-light strategy, and the company still retains several highly valuable real estate assets including MGM Grand, MGM Springfield, its 50% stake in CityCenter and its 68% economic ownership in MGM Growth Properties LLC. The Company anticipates opportunistically monetizing and/or unlocking value from the abovementioned remaining real estate portfolio in a measured manner that maximizes value creation for its shareholders and broader constituents. MGM's fortress balance sheet and robust free cash flow generation will enable it to take advantage of targeted growth initiatives and opportunistically return capital to shareholders.

  • 30

    Oct

MGM MGM Resorts
$27.87

-0.1 (-0.36%)

08/02/19
BOFA
08/02/19
DOWNGRADE
Target $31
BOFA
Neutral
BofA/Merrill downgrades MGM to Neutral on balanced risk/reward
BofA/Merrill analyst Shaun Kelley downgraded MGM Resorts to Neutral from Buy with an unchanged price target of $31. The analyst views the risk/reward as more balanced at current share levels. Potential catalysts from the ramp of MGM Cotai in Macau, real estate optionality and the MGM 2020 Plan are balanced by rising cyclical risks, convention competition, and the company's high operating leverage, Kelley tells investors in a research note.
08/22/19
MSCO
08/22/19
NO CHANGE
MSCO
Las Vegas Sands' Osaka decision good for it and MGM, says Morgan Stanley
After Las Vegas Sands (LVS) announced that it is not pursuing a license in Osaka, choosing to focus on Tokyo and Yokohama, Morgan Stanley analyst Thomas Allen said he believes the company may be making the right long-term decision. He also views the news as a potential positive for MGM Resorts (MGM), which he thinks is now "in pole position" to win the Osaka license. Both MGM and Las Vegas Sands will face intense competition from other global gaming companies for licenses in Japan, added Allen.
09/06/19
JPMS
09/06/19
NO CHANGE
JPMS
JPMorgan sees number of events hurting Macau gross gaming revenue
A number of events are negatively impacting Macau gross gaming revenue performance, including increasing China-U.S. trade tensions, Hong Kong protests, slowing economic growth in Mainland China, and potential issues related to the city's largest junket, JPMorgan analyst Joseph Greff tells investors in a research note. As a result, the analyst lowered his Macau property level estimates for the four U.S. listed Macau operators, Las Vegas Sands (LVS), MGM Resorts (MGM), Melco Resorts & Entertainment (MLCO) and Wynn Resorts (WYNN). Greff, however, continues to see value in the Macau operators. He keeps a Neutral rating on Las Vegas Sands and dropped his price target to $60 from $68, an Overweight rating on MGM and lowered his price target to $36 from $37, an Overweight rating on Melco and lowered his price target to $25 from $29, and an Overweight rating on Wynn Resorts with a slightly reduced price target of $136.
09/17/19
MSCO
09/17/19
NO CHANGE
MSCO
Las Vegas Sands, MGM, Wynn targets cut at Morgan Stanley on Macau estimate cuts
Morgan Stanley analysts Thomas Allen and Praveen Choudhary lowered their expectations for Macau, stating they now expects gross gaming revenue to decline 3% in 2019 and grow 3% in 2020. The analysts previously forecast a 1% decline in GGR for 2019 and an 8% increase in 2020. Allen lowered his price target on Las Vegas Sands (LVS) to $66 from $68, cut his target on MGM Resorts (MGM) to $31 from $32 and reduced his Wynn Resorts (WYNN) target to $115 from $129, explaining that the Wynn cut is most pronounced since it is most exposed to Macau and to the weak high-end there. He maintains an Overweight rating on Las Vegas Sands, which he views as the most defensive and with potential Japan upside. Allen has Equal Weight ratings on MGM and Wynn shares.

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MGIC

Magic Software

$8.98

-0.04 (-0.44%)

07:18
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WMT

Walmart

$121.06

1.93 (1.62%)

07:17
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KSS

Kohl's

$56.69

0.23 (0.41%)

07:17
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Kohl's analyst commentary  »

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OSW

OneSpaWorld

$15.05

-1.06 (-6.58%)

07:17
11/14/19
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07:17
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OneSpaWorld rating change  »

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HEES

H&E Equipment

$36.39

0.23 (0.64%)

07:16
11/14/19
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07:16
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H&E Equipment rating change  »

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TRIL

Trillium Therapeutics

$0.28

0.005 (1.85%)

07:16
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07:16
Hot Stocks
Trillium Therapeutics seeking partner for further development of TTI-10001 »

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TRIL

Trillium Therapeutics

$0.28

0.005 (1.85%)

07:15
11/14/19
11/14
07:15
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07:15
Earnings
Trillium Therapeutics reports nine months EPS (C$1.23) vs. (C$2.49) last year »

"Over the past two…

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07:15
11/14/19
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07:15
General news
FX Update: Both the dollar and yen have seen fresh highs »

FX Update: Both the…

ALSN

Allison Transmission

$44.44

-0.1 (-0.22%)

07:14
11/14/19
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Allison Transmission rating change  »

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ALSN

Allison Transmission

$44.44

-0.1 (-0.22%)

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Allison Transmission rating change  »

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PCAR

Paccar

$79.12

-0.29 (-0.37%)

07:14
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Paccar rating change  »

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DE

Deere

$175.69

-0.695 (-0.39%)

07:14
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Deere rating change  »

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  • 27

    Nov

FVRR

Fiverr

$22.55

0.99 (4.59%)

07:12
11/14/19
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07:12
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Fiverr rating change  »

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NTAP

NetApp

$60.04

-0.08 (-0.13%)

07:11
11/14/19
11/14
07:11
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07:11
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NetApp analyst commentary  »

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WMT

Walmart

$121.06

1.93 (1.62%)

07:11
11/14/19
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07:11
Hot Stocks
Walmart sees FY20 tax rate 25%-25.5% »

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  • 14

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WMT

Walmart

$121.06

1.93 (1.62%)

07:11
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07:11
Hot Stocks
Walmart reports Q3 Sams Club SSS up 06.% »

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  • 14

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MDWD

MediWound

$2.86

-0.04 (-1.38%)

07:11
11/14/19
11/14
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07:11
Hot Stocks
MediWound expects to initiate EscharEx Phase 2 study in Q4 »

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MDWD

MediWound

$2.86

-0.04 (-1.38%)

07:10
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MediWound expects $10M-$12M in cash use in 2019 »

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CSCO

Cisco

$48.44

0.06 (0.12%)

07:10
11/14/19
11/14
07:10
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07:10
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Cisco analyst commentary  »

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ROLL

RBC Bearings

$165.06

-1.19 (-0.72%)

07:09
11/14/19
11/14
07:09
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07:09
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RBC Bearings rating change  »

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CSIQ

Canadian Solar

$14.67

-2.84 (-16.22%)

07:09
11/14/19
11/14
07:09
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07:09
Hot Stocks
Canadian Solar announces partnership with Korea Electric Power »

Canadian Solar announced…

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  • 04

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MDWD

MediWound

$2.86

-0.04 (-1.38%)

07:09
11/14/19
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07:09
Earnings
MediWound reports Q3 EPS ex-items (1c), consensus (15c) »

Reports Q3 revenue $5.1M,…

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MOTS

Motus GI Holdings

$1.77

-0.09 (-4.84%)

07:09
11/14/19
11/14
07:09
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07:09
Earnings
Motus GI Holdings reports Q3 EPS (18c), consensus (25c) »

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  • 14

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WMT

Walmart

$121.06

1.93 (1.62%)

07:08
11/14/19
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07:08
Earnings
Walmart raises FY20 EPS view to 'increase slightly' from FY19 »

Prior guidance was "…

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  • 14

    Nov

CORV

Correvio

$2.20

-0.135 (-5.79%)

07:08
11/14/19
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Earnings
Correvio reports Q3 EPS (23c), consensus (17c) »

"On the commercial…

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