Vacant in Vegas: MGM guidance sparks another casino stock sell-off
Faced with not complying with New Jersey gaming regulations, MGM Mirage decided to divest the highly profitable Borgata in order to continue pursuing the even more lucrative Chinese market. An exploratory agreement to develop two casinos on the Chinese island of Hainan was announced in August but came to nothing.
But during a midday call with analysts, Caesar's CFO Eric Hession mentioned that the company was seeing "rate pressure" on rooms because of weak bookings along the Las Vegas strip, and warned that revenue per room would be essentially flat in the third quarter.
The Concord site had been the proposed location for the Maxim Casino.
On May 12,the first tower opened for occupancy. Delano opened in September CEO Jim Murren downplayed the significance of the lag in bookings, saying the summer months are tough for Vegas hotels and that he expects a pickup at the end of the year.
The firm would also issue a public tender for an additional That's not the way it works. We're going to be stronger in the fourth quarter going into next year.
Caesar's CEO Mark Frissora had to assure investors that the company expects a return to normal bookings at the end of the year, and that it was sticking with its full-year guidance. MGM closed its online casino after less than two years, citing uncertainty in American regulations and competition from established British brands.
The answer is no.
The latter was often accused of ties with Chinese organized crime and letting the gangs operate in his casinos' VIP rooms. Las Vegas Strip[ edit ]. The proposed sale would not include the Primm Valley Golf Club.
This joint venture is developing and operating 5-star hotels and resorts in China. Other casino stocks also fell on Wednesday on the guidance.
MGM Resorts would hold 51 percent and the public would receive 20 percent. Legal sports betting will bring innovation Bargains along the Las Vegas strip are mgm casino stock news for gamblers and bad news for casino investors. And so we don't have concern in our forecast," he said.
The NBA just struck a deal with a casino Ceasar's posted generally strong results for the quarter, and said it recovered from a large loss last year to report a narrow profit.