Sector Snap: Gaming Companies

21.06.2007, Lesen Sie hier den Bericht über «Sector Snap: Gaming Companies»

The decision by Kirk Kerkorian-led Tracinda Corp. to end discussions with MGM Mirage on the potential purchase of two Las Vegas properties sent most casino operators modestly lower Wednesday as investor hopes of more industry consolidation faded. Tracinda, which owns 56 percent of MGM Mirage, proposed buying Bellagio Hotel and Casino and CityCenter last month. On Wednesday Tracinda stated it still sees untapped value in MGM's assets and suggested joint ventures could unleash some shareholder value.

Separately, MGM said Wednesday it plans to form a joint venture with Kerzner International Holdings Inc. for a multibillion-dollar Las Vegas resort. Jeffrey Logsdon of BMO Capital Markets said in a note to clients that MGM's shares had moved considerably higher since Tracinda's May announcement - up about 37 percent - on speculation the company would be sold in part or in its entirety. He views speculation of any near-term deal waning on Tracinda's pullback.

Citigroup analyst Joshua Attie said investors may have believed Tracinda's potential acquisition of the Bellagio and CityCenter would lead to MGM as a whole going on the block. "Although private market demand for gaming assets remains strong, and (the Tracinda) process may have stimulated new interest, a near-term sale of MGM seems less likely," he wrote in a client note.

Acquisitions of gaming companies have been at the forefront of late, with racetrack and casino operator Penn National Gaming Inc. agreeing last week to be purchased by funds managed by two investment companies for about $6.1 billion in cash. Earlier this month JEMB Realty Corp. and former gaming executive and regulator Dennis Gomes entered a confidentiality agreement with Trump Entertainment Resorts Inc. to bid on the owner of the Trump Taj Mahal Casino Resort, Trump Plaza Hotel & Casino and Trump Marina Hotel Casino. New York-based fund manager Dune Capital Management LP, which is run by former Goldman Sachs & Co. executives, is also reportedly considering a Trump offer.

Shares of MGM Mirage declined $5, or 5.8 percent, to $81.43 in midday trading. The stock has traded in a 52-week range of $34.20 to $87.38. Elsewhere in the sector, Penn National's stock shed 1 cent to $63.32, while Trump Entertainment dropped 30 cents to $14.70. Shares of Las Vegas Sands Corp. fell 55 cents to $76.24.

Über MGM Resorts International Operations, Inc.:

MGM Resorts International (NYSE: MGM) ist ein globales Unterhaltungsunternehmen des S&P 500 mit nationalen und internationalen Standorten, das erstklassige Hotels und Casinos, hochmoderne Tagungs- und Konferenzräume, unglaubliche Live- und Theaterunterhaltungserlebnisse bietet und eine umfangreiche Auswahl an Restaurants, Nachtleben und Einzelhandelsangeboten.

Das MGM Resorts-Portfolio umfasst 29 einzigartige Hotel- und Destination-Gaming- Angebote, darunter einige der bekanntesten Resort-Marken der Branche.

Wir betreiben ein Portfolio von Resorts in Las Vegas, darunter Bellagio, MGM Grand, Mandalay Bay und The Mirage, The Signature, Excalibur, Luxor, New York-New York, Park MGM und weitere. In Las Vegas haben wir auch eine bedeutende Beteiligung an CityCenter, dem legendären Hotel, Kongress-, Einzelhandels- und Restaurantkomplex im Herzen des Las Vegas Strip mit ARIA Resort und Casino und Vdara Hotel und Spa, Crystals Retail und Veer Eigentumswohnungen.

Das Unternehmen expandierte in den USA und auf der ganzen Welt und erwarb kürzlich den Betrieb des Empire City Casino in New York und des Hard Rock Rocksino in Ohio, das in MGM Northfield Park umbenannt wurde.

Im Jahr 2018 eröffneten MGM Resorts MGM Springfield in Massachusetts, MGM COTAI in Macau und das erste Hotel der Marke Bellagio in Shanghai.

Die über 80.000 Mitarbeiter von MGM Resorts weltweit sind stolz darauf, dass ihr Unternehmen als eines der weltweit am meisten bewunderten Unternehmen des FORTUNE Magazine anerkannt wurde.

--- Ende Artikel / Pressemitteilung Sector Snap: Gaming Companies ---


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