NEW YORK (TheStreet) --MGM Resorts (MGM) - Get ReportCEO James Murren discussed several topics regarding the casino business this morning on CNBC. Among them, the current ventures in Las Vegas, new ventures the company will be embarking on, and why 75% of its business is non-gaming.
"Fortunately Las Vegas is doing very well, and we own half of the entire market there. It's because businesses have more conventions in our convention space," Murren said on this morning's "Squawk Box."
Las Vegas is also getting a boost from more people going on vacation, better rates, and activity, and the airport has benefited from an increase in international flights, he noted.
Additionally, MGM will open a new building at National Harbor near Washington DC in December.
Regarding the business of MGM, Murren explained where the company's revenue stems from.
"Seventy-five percent of our revenue in Las Vegas is non-gaming. We're more of a non-gaming company," he said.
Emphasizing conventions, rooms, entertainment, and retail as the primary drivers of revenue outside the gaming part of the business. Moreover, while the gaming business has been "flattish" the non-gaming is the highest growth part of the company, Murren noted.
Shares of MGM Resorts opened higher on Tuesday.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
MGM's strengths such as its solid stock price performance, increase in net income and expanding profit margins are countered by weaknesses including disappointing return on equity and generally higher debt management risk.
You can view the full analysis from the report here: MGM
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 article's author.