Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  MGM Resorts International    MGM

MGM RESORTS INTERNATIONAL (MGM)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

MGM Resorts International : Gambling Revenue Down Again at Connecticut Casinos, Report Finds

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/11/2017 | 09:15am CET
By Joseph De Avila 

Revenue at Connecticut's two Indian casinos fell for the ninth straight year amid greater competition in the Northeast, according to a report released Tuesday, an extended losing streak that may continue with new competition on the horizon.

The combined gambling revenue for Foxwoods Resort Casino and the Mohegan Sun casino fell to $1.6 billion in 2015, a 1% decline from the previous year, according to a report by Nathan Associates Inc., an economic consulting firm, based on the most recent data. The 2015 figures -- which exclude revenue from accommodations and shows -- are down by 36% compared with the last peak in 2006.

Currently the tribes that run the casinos send 25% of their slot revenue to Connecticut, or about $260 million annually. Connecticut's Office of Fiscal Analysis estimates that new competition from a planned casino in Springfield, Mass., could cost the state $68 million in annual gambling revenue.

The slowdown for Connecticut's Indian casino market was primarily driven by the recession and more competition throughout the Northeast, said Alan Meister, principal economist with Nathan Associates.

"You've got this saturation of gaming in that region," Mr. Meister said. "They are fighting for their market share."

It is only going to get more difficult for the state's casinos as more competition is on the way. MGM Resorts International will open a casino in Springfield next year. And Empire Resorts Inc. plans to open a casino in Thompson, N.Y., in the Catskills in 2018.

The Mashantucket (Western) Pequot Tribal Nation, operators of Foxwoods, and the Mohegan Tribe, operators of Mohegan Sun, have teamed up to try to shore up potential losses to rival casinos in Massachusetts. The tribes are proposing to build a casino in East Windsor, Conn., about 70 miles south of Springfield.

"When Rhode Island launched its industry, we did nothing. When New York got into the game, we did nothing," said Andrew Doba, a spokesman for the tribes. "We've got a choice now, continue to do nothing, or fight and save good paying jobs."

That proposal, which requires approval from the state Legislature, faces an uncertain future in Hartford. Attorney General George Jepsen wrote a legal opinion in March that concluded it was unclear how the federal government would allow for a third casino or would permit proposed amendments to the state's existing revenue-sharing agreement with the tribes. The Bureau of Indian Affairs reviews tribal casinos.

The tribes sent Connecticut lawmakers a letter last week stating that their proposed third casino won't endanger the current revenue-sharing agreement.

Write to Joseph De Avila at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
EMPIRE RESORTS INC 0.86% 23.4 Delayed Quote.-10.74%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on MGM RESORTS INTERNATIONAL
02/20MGM RESORTS INTERNATIONAL : says Mandalay Bay business recovering after Oct. 1 s..
AQ
02/20MGM RESORTS INTERNATIONAL (NYSE : MGM) reported earnings of $0.11 per share beat..
AQ
02/20MGM RESORTS INTERNATIONAL (NYSE : MGM) Files An 8-K Results of Operations and Fi..
AQ
02/20MGM RESORTS INTERNATIONAL (NYSE : MGM) reported earnings of N/A per share beatin..
AQ
02/20MGM RESORTS INTERNATIONAL : misses 4Q profit forecasts, shows effects of shootin..
AQ
02/20MGM RESORTS INTERNATIONAL : Results of Operations and Financial Condition, Finan..
AQ
02/20MGM RESORTS INTERNATIONAL : to Host Earnings Call
AC
02/20MGM RESORTS INTERNATIONAL : Reports Fourth Quarter And Full Year Financial And O..
PR
02/19INSIDER TRADING ACTIVITY MGM RESORTS : MGM) – Insider Bought 15,000 shares..
AQ
02/16MGM RESORTS INTERNATIONAL : Tap into the flexibility of digital signage
AQ
More news
News from SeekingAlpha
02/22Tracking Dan Loeb's Third Point Portfolio - Q4 2017 Update 
02/21Fitch Ratings issues Macau forecast 
02/21Tracking David Tepper's Appaloosa Management Portfolio - Q4 2017 Update 
02/20MGM Resorts (MGM) CEO Jim Murren on Q4 2017 Results - Earnings Call Transcrip.. 
02/20MGM Resorts International 2017 Q4 - Results - Earnings Call Slides 
Financials ($)
Sales 2018 12 004 M
EBIT 2018 1 891 M
Net income 2018 757 M
Debt 2018 11 103 M
Yield 2018 1,49%
P/E ratio 2018 26,14
P/E ratio 2019 19,62
EV / Sales 2018 2,55x
EV / Sales 2019 2,28x
Capitalization 19 475 M
Chart MGM RESORTS INTERNATIONAL
Duration : Period :
MGM Resorts International Technical Analysis Chart | MGM | US5529531015 | 4-Traders
Technical analysis trends MGM RESORTS INTERNATIONAL
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 40,0 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
James Joseph Murren Chairman & Chief Executive Officer
William Joseph Hornbuckle President
Corey I. Sanders Chief Operating Officer
Daniel J. D'Arrigo Chief Financial Officer & Executive Vice President
Roland A. Hernandez Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
MGM RESORTS INTERNATIONAL3.02%19 475
LAS VEGAS SANDS CORP.8.02%59 333
WYNN RESORTS-1.32%17 099
GENTING SINGAPORE PLC-2.27%11 892
TABCORP HOLDINGS LIMITED-15.59%7 408
KANGWON LAND, INC.--.--%5 801