{"id":11266,"date":"2013-08-06T13:14:05","date_gmt":"2013-08-06T21:14:05","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=11266"},"modified":"2013-08-06T13:36:32","modified_gmt":"2013-08-06T21:36:32","slug":"mgms-half-full-glass","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/mgms-half-full-glass\/","title":{"rendered":"MGM&#8217;s half-full glass"},"content":{"rendered":"<p><img loading=\"lazy\" class=\"alignright size-full wp-image-1641\" title=\"DSCN1259\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/12\/DSCN1259.jpg\" alt=\"\" width=\"300\" height=\"400\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/12\/DSCN1259.jpg 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/12\/DSCN1259-112x150.jpg 112w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/12\/DSCN1259-225x300.jpg 225w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Today it was <strong>MGM Resorts International<\/strong>&#8216;s turn to do the &#8220;We didn&#8217;t lose as much money as last year&#8221; thing. The size of the decrease, at least, was impressive and <strong>MGM China<\/strong> <a href=\"http:\/\/cdcgamingreports.com\/mgm-resorts-2q-loss-narrows-revenue-rises-ap\/\" target=\"_blank\" class=\"broken_link\">produced its best numbers ever<\/a>. The company&#8217;s performance inspired <strong>Deutsche Bank<\/strong> analyst <strong>Carlo Santarelli<\/strong> <a href=\"http:\/\/pull.db-gmresearch.com\/cgi-bin\/pull\/DocPull\/573-70E3\/38824680\/0900b8c0871f83a7.pdf\" target=\"_blank\">to quote<\/a> <strong>John Malkovich<\/strong> in Rounders: &#8220;He beat me, fair and square. Pay that man his money.&#8221; MGM beat <strong>Wall Street<\/strong>&#8216;s metrics in every important category, except for performance in <strong>Detroit<\/strong>, <strong>Tunica<\/strong> and <strong>Biloxi<\/strong>. On the <strong>Las Vegas Strip<\/strong>, 2Q13 gambling revenues were up 7% and room monies increased 5%. And <strong>Jim Murren<\/strong> will be a very old man when <strong>CityCenter<\/strong> (3% ROI) finally pays off.<\/p>\n<p>&#8220;<em>Overall, we think these results are better than <!--more-->some of the most recent buy-side expectations going into today (lots of nervousness, in our view, following the public release of LV Strip June market wide data last week, where the month exhibited a 10% gaming revenue decline)<\/em>,&#8221; summarized <strong>J.P. Morgan<\/strong> analyst <strong>Joseph Greff<\/strong>, who eschewed any Malkovich references. MGM, he said, &#8220;<em>could be taking share from a competitor on the Strip that is undergoing renovation disruption at a few of its properties<\/em>&#8221; &#8230; meaning <strong>Caesars Entertainment<\/strong>, of course. Why not just come out and <em>say<\/em> it, man?<\/p>\n<p>In case you&#8217;re wondering where certain properties rank in the MGM revenue pantheon, for last quarter it was as follows:<\/p>\n<p>1) <strong>MGM Grand Paradise<\/strong>, $835M; 2) <strong>Bellagio<\/strong>, $303M; 3) <strong>MGM Grand<\/strong>, $255M; 4) <strong>Mandalay Bay<\/strong>, $205M; 5) <strong>The Mirage<\/strong>, $142M; 6) <strong>Luxor<\/strong>, $83M; 7) <strong>Excalibur<\/strong>, $70; 8.\u00a0<strong>New York-New York<\/strong>, 9) $69M; <strong>Monte Carlo<\/strong>, $69M; 10) <strong>Circus Circus<\/strong>, $51M.<\/p>\n<p>You can see from those numbers why Monte Carlo and NY-NY were deemed in need of a facelift (outgrossed by Excalibur!).<strong> Beau Rivage<\/strong> should probably be in the #6 or #7 spot but MGM doesn&#8217;t bust out discrete numbers for its <strong>Mississippi<\/strong> operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today it was MGM Resorts International&#8216;s turn to do the &#8220;We didn&#8217;t lose as much money as last year&#8221; thing. The size of the decrease, at least, was impressive and MGM China produced its best numbers ever. The company&#8217;s performance &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/mgms-half-full-glass\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[56,28,44,14,7,62,35,9,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11266"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=11266"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11266\/revisions"}],"predecessor-version":[{"id":11270,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11266\/revisions\/11270"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=11266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=11266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=11266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}