MGM Resorts Stays Neutral (LVS) (MGM) (WYNN)
We remain Neutral on MGM Resorts International ( MGM ) over the long term. Better-than-expected second quarter 2011 earnings, improving business trends in Las Vegas, the acquisition of a controlling interest in MGM China and the booming Macau operation are partially offset by steep competition, still faltering consumer confidence and the risk of cannibalization by its new property, CityCenter, in Las Vegas. MGM Resorts’ second-quarter 2011 adjusted loss per share was better than the Zacks Consensus Estimate aided by the expansion of the company’s controlling stake from 50% to 51% in MGM China Holdings Limited at the time of going public on the Hong Kong stock exchange in June […]