MGM Resorts (MGM) Stock Higher on Macau July Trends

MGM Resorts (MGM) stock is getting a lift on Monday afternoon from primarily positive Macau July trends.
By Kaya Yurieff ,

NEW YORK (TheStreet) -- Shares of MGM Resorts (MGM) - Get Report are up 0.54% to $23.08 late Monday afternoon alongside other casino stocks as July trends at China's Macau gambling hub are generally upbeat.

Several research firms highlighted strong Macau gaming revenue in the first 10 days of July and said results were tracking much higher than previous trends, CNBC.com reports.

"According to our industry sources, based on gaming play for the first 10 days of July, gross gaming revenues in Macau for the month is estimated to be tracking up approximately 8.2% year-over-year," David Katz, an analyst at Telsey Advisory, in a research note cited by CNBC.com.

Katz added that this positive trend includes electronic gaming expectations for July, which would make monthly GGR essentially equal to roughly $2.53 billion.

UBS also cited "a strong start to July" and reiterated its preference for Wynn Resorts (WYNN) and MGM due to significant property openings by the two gaming companies, CNBC.com added.

Shares of Las Vegas Sands (LVS) are rising 4.26% to $46.01 and Wynn stock is jumping 5.35% to $94.55 late this afternoon.

MGM Resorts is a Las Vegas-based owner and operator of casino resorts.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on MGM stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and solid stock price performance.

But the team also finds weaknesses including deteriorating net income, disappointing return on equity and generally higher debt management risk.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

You can view the full analysis from the report here: MGM

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