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MGM: Summary for M G M MIRAGE – Yahoo! Finance

AP
Analyst starts MGM Mirage with ‘Sell’ rating
Tuesday February 3, 11:24 am ET
Analyst initiates MGM Mirage with ‘Sell’ rating, says company may sell some assets

NEW YORK (AP) — MGM Mirage may see a default rate of 20 percent to 30 percent on its CityCenter condominium units and faces the possibility of some asset sales, an analyst said Tuesday as he started the casino operator with a “Sell” rating.

Shares of MGM Mirage slumped 72 cents, or 8.8 percent, to $7.42 in midday trading. The stock hit a new 52-week low of $7.50 earlier in the session.

Anil Daswani of Citi Investment Research said the completion of the $9.2 billion CityCenter in Las Vegas could not come at a worse time for MGM, as consumers struggle with diminishing credit, unemployment concerns and a prolonged housing downturn.

In a note to clients, Daswani said MGM has sold 55 percent of the condo units to date, but has received only 20 percent of the deposits. The analyst cautioned that if the units’ prices fall about 15 percent to 20 percent from current levels that the project will turn out to be a loss for MGM.

Aside from its CityCenter woes, MGM is faced with ongoing softness in Las Vegas. Nevada has been among the hardest hit real estate markets in the country and Las Vegas has also had to deal with a pullback in consumer discretionary spending.

Daswani contends that Las Vegas is going to take a big hit from the spending pullback, as 60 percent of its revenue comes from the non-gaming segment. The slowdown in Las Vegas is particularly troubling for MGM, as 80 percent of its revenue comes from the city, he added.

Daswani also anticipates MGM may have to sell some properties, such as Mandalay Bay or Bellagio, as it tries to get a handle on its debt.

The analyst provided a price target of $2.50.

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2:44PM MGM Mirage: Moody’s downgrades MGM MIRAGE to B1, ratings remain on review for downgrade (MGM) 7.06 -1.07 : Moody’s downgraded MGM MIRAGE’S Corporate Family Rating to B1 from Ba3 reflecting the probability that earnings in 2009 will fall more than previously expected as recessionary forces continue to cause consumers to reduce discretionary spending. “Additionally, the company has been unable to raise the targeted $3.0 billion in capital for its CityCenter development, and so its cash needs have increased. As a result of this lower EBITDA and higher debt levels, S&P estimates that MGM’s debt/EBITDA will exceed 8.0 times by year-end 2009 — a level inconsistent with its prior rating.

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