NEW YORK (TheStreet) -- MGM Resorts (MGM) shares closed trading up 1.2% to $26.92 after analysts at Credit Suisse (CS) reassured investors that the Macau gaming industry had reached its bottom and that the second half of the year would prove more profitable for the Chinese gaming destination in a note.
"In Macau, MGM is focused on driving mass visitors to its Macau asset and positioning for the same in Cotai, which we also believe helps to insulate the company from VIP related headline risk. MGM's Cotai project plans to open in early 2016, and we view the company having a strong Beijing-based construction partner as a huge advantage," wrote Credit Suisse analysts.
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TheStreet Ratings team rates MGM RESORTS INTERNATIONAL as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate MGM RESORTS INTERNATIONAL (MGM) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."