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.
86دولار للسهم وكان الحبيب يصرح مثل الابطال والفاتحين العظماء على هالصفقة وتقول جايب الذيب من ذيله هذه صفقة فيجاس فيجاس فيجاس مو تمبكتو !!!!!!!
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.
وحتى السيتي سنتر بححححححححح
ما بقى أحد ما سوى فلوس بهالسهم من البيع عالمكشوف وكله على حساب الذيب أبو تمبكتو
ياسلام على الكرم العربي الاصيل
حسب الخبر في الاعلى كان سعر إغلاق السهم هو 74.32 دولار , قاموا جماعتنا (الذئاب) اشتروه بزيادة وقدرها 13% عن سعر الإغلاق وخذوه على 84 دولار
يعني كانوا متأكدين بأن السهم سيضرب مائة دولار على الاقل
ياريت كانوا حطوا هذه المليارات في شركة صناعية او في مجال التكنلوجيا لهان الأمر لكن في شركة قمار …. الله المستعان
Dubai World to pump $5.1 billion into MGM
By Kimi Yoshino
August 23, 2007
The Persian Gulf emirate of Dubai anted up Wednesday, announcing it would invest $5.1 billion in MGM Mirage for a 50% stake in the massive Las Vegas CityCenter project now in development and a 10% interest in the gaming company.
The deal continues Dubai’s investments in name-brand and hospitality destinations around the world, but also infuses Las Vegas-based MGM Mirage with cash to quickly pursue other projects without being laden with debt.
Under the terms of the agreement, Dubai World, the holding company for the emirate, will invest $2.7 billion in the 76-acre CityCenter, a densely packed collection of condos and hotels on the Vegas Strip, considered the country’s largest privately funded construction job.
Dubai World will also buy 28.4 million shares of MGM Mirage for $84 a share, a 13% premium over its Tuesday closing price of $74.32.
“Dubai World is looking to invest in projects that make good business sense, and which employ our expertise in developing large scale mixed-use projects with a strong focus on leisure and hospitality,” the holding company said in a statement. “This investment is in line with our objective to only partner with ‘the best’ and MGM is one of the world’s leading entertainment companies and hotel resort operators.”
For MGM Mirage, it connects the company to the elite tourists who frequent Dubai.
“We’re very excited,” said Terry Lanni, chief executive of MGM Mirage. “The cross-fertilization, cross-marketing of brands … will be valuable. I would like to see us marketing in Dubai to visitors coming into Dubai. These are people with significant net worths. One development they plan [in Dubai] will be villas with your own hangars for your private planes and these are not little planes.”
There are no immediate plans to build an MGM Mirage property in Dubai, though any project would be non-gaming, Lanni said, because gambling is illegal in Muslim-dominated Dubai, part of the United Arab Emirates.
Beyond that, Lanni said the cash investment gave MGM Mirage a “significantly enhanced” balance sheet as it relates to CityCenter.
“With that comfort, we’ll be able to move along other projects that otherwise would have waited awhile,” he said. “Usually, you get financing, build it, open it, get cash flowing … and build another one.”
CityCenter is to open by the end of 2009.
MGM Mirage, one of the world’s leading gaming companies, owns and operates 17 properties in Nevada, Mississippi and Michigan. New developments are also underway in Macao, China. On news of the deal Wednesday, shares of MGM Mirage surged $6.62, or 8.9%, to $80.94, their biggest jump since May.
Billionaire Kirk Kerkorian’s Tracinda Corp. – a Beverly Hills investment firm – holds a 54.1% stake in MGM Mirage; the Dubai World deal is expected to reduce that to about 51.65%.
والذيب رد زاد حصته بعدها وإشترى زيادة
Dubai World ups MGM Mirage stake to 6.5%
By William Spain, MarketWatch
Last update: 1:26 p.m. EST Dec. 28, 2007Comments: 2CHICAGO (MarketWatch) — Dubai World disclosed Friday that its stake in MGM Mirage is now 6.5% after it bought a piece from controlling investor Kirk Kerkorian.
According to a filing made with the Securities and Exchange Commission, the investment arm of the Dubai government raised its holding in the casino operator from 4.9% by buying 5 million shares at $84.50 each from the Lincy Foundation, Kerkorian’s philanthropic vehicle.
Kerkorian is — and is likely to remain — in control of MGM Mirage
Earlier this year, Dubai World bought 50% of MGM’s CityCenter complex in Las Vegas, the largest privately funded construction project in U.S. history. As part of that deal, Dubai World made a tender offer to buy up to 14.2 million shares of MGM at $84, but there were few takers and the offer fell dismally short of its goal in October.
ذيببببببببببببببببببببببببببببببببب
يعني سعر الشراء كان 86 دولار ..
والان 7.42 دولار ..
كم عدد الاسهم ؟
وماذا بعد؟؟