3. MGM Resorts (MGM) owns and operates casino resorts. The company has a 51% interest in MGM China Holdings and MGM Macau and has other significant holdings. It owns and operates 15 properties located in Nevada, Mississippi and Michigan and has a 50% stake in three other properties in Nevada and Illinois.
Of the 29 analysts covering the stock, 69% recommend a buy and 24% suggest a hold. The stock's average 12-month price target is $15.68, or 68.8% higher than the current price, according to a Bloomberg consensus.
For the third quarter of 2011, MGM reported total net revenue of $2.23 billion, up 42.9% from $1.56 billion in the same quarter last year. The third quarter showed improved earnings, with net loss decreasing by 61.2% to $123 million from a loss of $317 million in the same quarter previous year. Room revenue from wholly owned domestic resorts increased 11%, with a 13% increase at the company's Las Vegas Strip resorts.With Nevada gaming revenue increasing 8.1% in October, MGM Resorts said in its conference call that it was one of the best profit-to-cash flow months of the year, reports J.P Morgan gaming analyst Joe Greff. MGM announced an online poker agreement with bwin.Party Digital Entertainment, the world's largest publicly traded online gaming company. The deal is subject to regulatory approval of online gambling in the U.S.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV