{"id":13480,"date":"2014-04-29T10:30:38","date_gmt":"2014-04-29T18:30:38","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=13480"},"modified":"2022-12-27T05:56:38","modified_gmt":"2022-12-27T13:56:38","slug":"mgm-blows-away-wall-street-expectations","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/mgm-blows-away-wall-street-expectations\/","title":{"rendered":"MGM blows away Wall Street expectations"},"content":{"rendered":"

\"DSCN1282\"<\/a>Posting more than double Wall Street<\/strong>‘s consensus of earnings per share ($0.21 rather than $0.09), MGM Resorts International<\/strong> had a good quarter, to say the least. Even CityCenter<\/strong> exceeded expectations by 11%. J.P. Morgan<\/strong> analyst Joseph Greff<\/strong> took it all in stride, although he did not that better-than-expected RevPAR (up 14%) and other non-gaming revenues added to the exceptionally strong performance.<\/p>\n

Greff’s Deutsche Bank<\/strong> opposite number, Carlo Santarelli<\/strong> attributed the robustness of the quarter entirely to the Las Vegas Strip<\/strong>. Strip revenue of $1.3 billion (up 7.5%) was driven mainly by Bellagio<\/strong>, Mandalay Bay<\/strong> and MGM Grand<\/strong>. “The lower tier properties were roughly in line with our forecasts,” Santarelli wrote. MGM Grand Detroit<\/strong> was a bit of an underachiever, declining 5%, but MGM China<\/strong> posted a 26% increase in net revenue. What’s not to like?<\/p>\n

\"MGM<\/a>Out in Massachusetts<\/strong>, MGM got the results of its arbitration with West Springfield<\/strong>: 425 grand a year to the city<\/a>, pegged to the consumer price index. There’s also a one-time, upfront subsidy of $665 million to help West Springfield rehabilitate Memorial Avenue<\/strong> and $150K to underwrite a consultant. That’s much steeper than what MGM proposed to pay: $125,000 a year in mitigation. MGM voiced disappointment and promised to take the matter up with the Massachusetts Gaming Commission<\/strong>. (MGC rules forbid splitting the baby, so the arbitrator had to essentially take sides.) Compared to other mitigation agreements MGM negotiated in western Massachusetts<\/strong>, the West Springfield arbitration is mighty rich.<\/p>\n

Elsewhere in the state<\/strong>, mitigation agreements are being quickly sewn up by Wynn Resorts<\/strong>. The cities of\u00a0Cambridge<\/strong>, Medford<\/strong>, Lynn<\/strong> and Melrose<\/strong> are all in the fold<\/a>. The city of Everett<\/strong> is busy buying up land as part of a larger urban-renewal project to accompany Wynn’s casino, although some think Everett is paying too much<\/a>.<\/p>\n

Not with a bang but a whimper<\/strong>: Legislators in Iowa<\/strong> quietly passed a bill<\/a> to partially phase out dog racing in the Hawkeye State. It received only five minutes of debate.<\/p>\n

“It\u2019s probably easier<\/strong> to launch a nuclear missile.” That’s one of several observations<\/a> about riding SlotZilla<\/strong>, the permanent zipline that now dominates the Fremont Street Experience<\/strong> in downtown Las Vegas<\/strong>.<\/p>\n

Rocky Mountain Headache<\/strong>. Add Colorado<\/strong> to the list of states that are having a problem with gray-market<\/a> Internet<\/strong> casinos.<\/p>\n

Tally-ho!<\/strong> The sport of kings has a new home … Mongolia<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Posting more than double Wall Street‘s consensus of earnings per share ($0.21 rather than $0.09), MGM Resorts International had a good quarter, to say the least. Even CityCenter exceeded expectations by 11%. J.P. Morgan analyst Joseph Greff took it all … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[98,56,27,44,51,4,67,37,86,62,112,11,25,32,9,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/13480"}],"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=13480"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/13480\/revisions"}],"predecessor-version":[{"id":32113,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/13480\/revisions\/32113"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=13480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=13480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=13480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}