Will MGM Resorts (MGM) Stock Gain On Japan Casino Speculation?

NEW YORK (TheStreet) -- MGM Resorts International  (MGM) has reportedly scouted the world's biggest fish market as a potential site for the casino resort it wants to build in Japan, sources told Bloomberg.

CEO James Murren visited central Tokyo's Tsukiji market in March to survey the sprawling warren of fish stalls on about 231,000 square meters (57 acres) of land that the the city may sell after its vendors relocate, sources added.

The site, one of the largest parcels ever offered for redevelopment in the Japanese capital and located near the luxury shopping enclave of Ginza, would be an alternative to the Odaiba district that is seen as the top contender for a gaming resort, Bloomberg noted.

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Shares of MGM Resorts are down -0.36% to $24.95.

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, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."

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