2. MGM Resorts International (MGM), a holding company, engages in the business of gaming, hospitality and entertainment through its wholly owned subsidiaries. MGM owns and operates gaming, hotel, dining, entertainment, retail and other resorts and amenities.
Total revenue reported for the first quarter of 2011 was $1.5 million, up from $1.4 million in the year-ago quarter. Net loss for the quarter narrowed to $89.9 million, or 18 cents per share, from $96.7 million, or 22 cents per share, in comparable quarter prior year.
Early June, MGM completed its initial public offering of 760 million shares priced at HKD 15.34 per share, the top of its indicative price range, representing 20% of the post issuance base capital stock of MGM China. MGM Resorts also acquired 1% of the overall capital stock of MGM China for HKD15.34 per share or $75 million, becoming the indirect owner of 51% of MGM China.In a separate development, the company said that it may open as many as 30 hotels in China in the next three-four years to tap the luxury travel segment in the country. A latest update shows that MGM Hospitality has almost nine projects under development in China. Of the 30 analysts covering the stock, 57% rate a buy and 33% a hold. Analysts polled by Bloomberg expect the stock to gain an average 15.8% to $16.29 in the upcoming 12 months.
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