MGM parking starts today

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Originally posted by: Roulette Man
Just a couple of notes here:

This is from poster Dave Freeman on the boycott MGM page. Of course none of it is verifiable.

Well it has begun. Valets have told me that their tips have been reduced by 40%. All of their up car money is being taken also. Sp+ now sets the price. $40 on weekdays and $60 on weekends. if some one pays then it is split 3 ways. MGM gets $20 or $30 depending on the day. Sp+ takes half of that $10 or $15 which leaves the valet with $10 or $15 which is supposed to be on their check via commission which of course is taxed Disgusting!!!

On another note. Here is a story about recent insider trading, whereby certain directors of MGM International have sold off blocks of their stock recently. I wonder if there is anything to read into this?

Recent Insider Tradeing: MGM Resorts International


Insider trading rarely gets prosecuted these days. The CEO of the company I work for has done it at twice in the past year, has been reported to the feckless SEC and nothing has come of it. They just turn the other cheek.
I don't think you people understand insider trading. These are mom executives legally selling shares they almost certainly got as part of their compensation package.
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Originally posted by: billryan
I don't think you people understand insider trading. These are mom executives legally selling shares they almost certainly got as part of their compensation package.


I don't think you get it.
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Originally posted by: Toomany10pins
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Originally posted by: Roulette Man

Insider trading rarely gets prosecuted these days. The CEO of the company I work for has done it at twice in the past year, has been reported to the feckless SEC and nothing has come of it. They just turn the other cheek.


How do you know this? Perhaps your CEO isn't high profile (like Martha Stewart, et al). SEC probably has a stack of complaints, whistleblower letters, etc. But they have just so many investigators. They have to follow regulations and they "follow the money" to see where a complaint about one person or organization might lead to bigger fish, which can take years.

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Originally posted by: Roulette Man
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Originally posted by: billryan
I don't think you people understand insider trading. These are mom executives legally selling shares they almost certainly got as part of their compensation package.


I don't think you get it.


Why don't you explain to me how key executives legally and publicly selling some of their shares is either criminal insider trading or illegal?
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Originally posted by: billryan
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Originally posted by: Roulette Man
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Originally posted by: billryan
I don't think you people understand insider trading. These are mom executives legally selling shares they almost certainly got as part of their compensation package.


I don't think you get it.


Why don't you explain to me how key executives legally and publicly selling some of their shares is either criminal insider trading or illegal?


Oh my. Believe it or not, I have had to sit in on an interview with the SEC about a questionable trade. Based on the percentage of their portfolios they sold and the timing of it, I don't think you get it.
Corporate insiders trading their stock is normal and legal. Insider trading based on proprietary information not available to public is illegal. And anyone who confuses the two should not be listened to.

Incidentally, three of the four supposed insider traders at MGM have lost money by selling their stock, based on today's valuation. And the supposed secret information that they were privy to: that their casinos were going to start charging for parking. Some secret, huh?
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Originally posted by: forkushV
Corporate insiders trading their stock is normal and legal. Insider trading based on proprietary information not available to public is illegal. And anyone who confuses the two should not be listened to.

Incidentally, three of the four supposed insider traders at MGM have lost money by selling their stock, based on today's valuation. And the supposed secret information that they were privy to: that their casinos were going to start charging for parking. Some secret, huh?


The parking fees were never secret, but early projected losses may not be public yet.
why would MGM makes changes that they think would cost them money? Hello.
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Originally posted by: snidely333
why would MGM makes changes that they think would cost them money? Hello.


Because they would have done their financial planning on possible faulty market research. In other words, while they felt that parking would cost them the business of some customers, they felt they would make up the lost business with the fees. This is exactly what happened at the Delano when they started charging valet. They dropped it after a while. Of course at that time, the front of the Mandalay Bay didn't charge for valet. Hello.
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