MGM Resorts Is Betting Big on Las Vegas_老虎社区_美港股上老虎

MGM Resorts Is Betting Big on Las Vegas

Motley Fool2021-07-23

MGM Resorts (NYSE:MGM) has quietly made a very big bet on the future of the Las Vegas Strip, and it could determine the stock's performance long term. Not only did MGM recently agree to acquire the ...

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Greenbull18
·2021-07-23
[Miser]
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moneyfreedom
·2021-07-23
Wow
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- Greenbull18:
  [Miser]
  2021-07-23
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T20211126001
·2021-07-23
Like
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Taniajl
·2021-07-23
Go big or go home
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Holla
·2021-07-23
Like my comment pls
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- T20211126001:
  Yes
  2021-07-23
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- aliciaatwll:
  noic3
  2021-07-23
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Nickology
·2021-07-23
Yes
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770b87fa
·2021-07-23
MGM or Wynn?
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MGM itself entered the arena with MGM Growth Properties (NYSE:MGP) in 2015.\nToday, most of the Las Vegas Strip real estate is owned by one of these three REITs, with a few other asset owners scattered about. The deals have brought billions of dollars into casino companies but not without risk.\nThe casino business model reinvented\nIt used to be that casino companies would spend billions of dollars building a casino, take out debt to finance the project, and then operate and own the casino and land. As long as the company could cover operations and interest payments, it was a viable business model but expensive to get started.\nToday, casino companies can sell the real estate of their projects for nearly the same cost as building the casino, leaving them with essentially new casino operations for free. MGM did this in Washington, D.C., Massachusetts, and now with CityCenter. The trade-off is a long-term agreement to rent the property back from the REIT for a monthly payment.\nThis sounds great but now companies no longer hold their own real estate to fall back on during hard times. In the financial crisis, for example, MGM sold Treasure Island (including the real estate) to help fund its own operations through the crisis. Over the last year, it sold the real estate under Bellagio, MGM Grand, Mandalay Bay, and now CityCenter for $12.7 billion. Real estate can be a very valuable backstop when times are bad.\nOperationally, selling real estate can leave these companies with more operating leverage, meaning operating income rises or falls faster than revenue. That's great when revenue is growing but has risks if revenue drops.\nThe risk in MGM's REIT moves\nIn the last 15 years, we've seen two major disruptions to the gambling business in the U.S. The first was from 2008 to 2010, when the financial crisis resulted in a huge cutback in consumer and business spending, and the second was the COVID-19 pandemic. In both cases, MGM had to sell assets and debt just to make it through the crisis.\nNow that MGM has sold a vast majority of its real estate, it doesn't have the same backstop in hard times. But it hasn't reduced debt to compensate for having higher operational risk, as you can see below. This is partially because MGM is consolidating MGM Growth Properties' debt. 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And we've seen that crises in Las Vegas happen more often than we might like, which is why MGM's bet on the city is a risky one for 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/175883499","repostId":2153665674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5302819,"gmtCreate":1627022327005,"gmtModify":1635223153934,"authorId":3575955563694893,"author":{"id":3575955563694893,"idStr":"3575955563694893","authorId":3575955563694893,"name":"T20211126001","avatar":"https://static.tigerbbs.com/42cf33544f719c12b3a2aa7e6bd084b1","vip":1,"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":175883499,"type":1,"supId":0,"prevId":0,"content":"Yes","text":"Yes","html":"Yes"},{"id":5302820,"gmtCreate":1627022345110,"gmtModify":1635223153825,"authorId":3556966397941493,"author":{"id":3556966397941493,"idStr":"3556966397941493","authorId":3556966397941493,"name":"aliciaatwll","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":175883499,"type":1,"supId":5302819,"prevId":0,"content":"<u>noic3</u>","text":"<u>noic3</u>","html":"<u>noic3</u>"}],"langContent":"EN"},{"id":175817722,"gmtCreate":1627021904866,"gmtModify":1633768696162,"author":{"id":"4090121879809960","authorId":"4090121879809960","name":"Nickology","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4090121879809960","idStr":"4090121879809960"},"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175817722","repostId":2153665674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":175819280,"gmtCreate":1627021327640,"gmtModify":1627021327640,"author":{"id":"3583828823359549","authorId":"3583828823359549","name":"770b87fa","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3583828823359549","idStr":"3583828823359549"},"htmlText":"MGM or Wynn?","listText":"MGM or Wynn?","text":"MGM or Wynn?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175819280","repostId":2153665674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":29,"commentSize":7,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}