{"id":22048,"date":"2018-07-11T07:24:09","date_gmt":"2018-07-11T15:24:09","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=22048"},"modified":"2018-07-11T07:24:09","modified_gmt":"2018-07-11T15:24:09","slug":"mgm-time-to-buy-arkansas-casinos-one-step-closer","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/mgm-time-to-buy-arkansas-casinos-one-step-closer\/","title":{"rendered":"MGM: Time to buy; Arkansas casinos one step closer"},"content":{"rendered":"

As of today, Hard Rock Rocksino<\/strong>, in Ohio<\/strong>, is official part of MGM Growth Properties<\/strong>. However, until MGP finds a new tenant, Hard Rock International<\/strong> will continue to run the place. It’s a win-win for Hard Rock and MGP. For the latter it’s $1 billion well spent.<\/p>\n

Regarding\u00a0MGM Resorts International<\/strong>, stock-picker Joseph Greff<\/strong> at JP Morgan<\/strong> thinks it’s time to buy, despite an “uninspiring” investor presentation, along with “disappointing” Macao<\/strong> revenue. \"\"“We would characterize sentiment as bouncing along the bottom here, with expectations also reasonably\/incredibly low.” However … “We believe most of the issues that have caused 2018\u2019s underperformance are transitory, and the picture is bright(er) heading into 2019,” thanks to the debut of Park MGM<\/strong> and projected improvement in MGM Cotai<\/strong> numbers, among other factors. “Mandalay Bay<\/strong> also has easy comparisons in 2019 and therefore should experience some growth.” Greff has set a target of $130 per available room for Park MGM (we think MGM expects higher) and sees “stable LV Strip fundamentals” next year.<\/p>\n

As for the Las Vegas Strip<\/strong> in general, Greff describes the fundamentals as “generally sound” and attributes “flattish visitation” on a preoccupation with “profitable customers rather than simply filling rooms, in our view.” As for ever-vexing Resorts World Las Vegas<\/strong> he reports “not much progress.” With Resorts World Catskills<\/strong> struggling, Genting Group<\/strong> badly needs the ‘win’ that Las Vegas<\/strong> could give it.<\/p>\n

* If you haven’t made it to Hard Rock Atlantic City<\/strong>, here’s<\/a> what you can expect to see.\u00a0\u201cThe collection of rare memorabilia items that are displayed throughout Hard Rock Hotel & Casino Atlantic City is tied to musicians from New Jersey<\/strong>, along with those who \"\"have a history of performing in our area,\u201d said President Matt Harkness<\/strong>. That — of course! — includes a bandana and denim jacket formerly worn by homeboy Bruce Springsteen<\/strong>. There’s everything from junk mail sent to Kurt Cobain<\/strong> to Roy Orbison<\/strong>‘s sunglasses (I wouldn’t mind having those). But for many, the icon of icons will be Michael Jackson<\/strong>‘s famous, bejeweled glove, a donation from Jackson himself. It’s not only rock ‘n roll: A piano formerly belonging to Frank Sinatra<\/strong> is on the way.<\/p>\n

* It takes 84,859 signatures from registered voters to get an initiative on an Arkansas<\/strong> ballot. Promoters of a pro-casino initiative, Driving Arkansas Forward<\/strong>, who have already been bombarding the airwaves with ads, got 96,170. They’re pushing a constitution amendment to create four casinos, one each in Pope<\/strong> and Jefferson<\/strong> counties, along with parimutuels in West Memphis<\/strong> (just what Tunica<\/strong> needs) and Hot Springs<\/strong>. Driving Arkansas Forward credits its media campaign with accelerating the signature-gathering, as its canvassers had less ‘splainin’ to do.<\/p>\n

* If you’re missing the fine-dining option provided by Smith & Wollensky<\/strong> steakhouse, fret not: The Vegas institution will be relocated to Venelazzo<\/strong>, where it will be part of Grand Canal Shoppes<\/strong>. S&W is characterizing it as a right-sizing<\/a>. “The casinos [in 1998] really didn\u2019t have those 11 or 12 dining options they all \"\"have now, so building 30,000 square feet with those immense private dining spaces was the right thing to do at that time,\u201d said Smith & Wollensky Restaurant Group<\/strong> CEO and President Michael Feighery<\/strong>, who opened the restaurant as general manager. S&W will be moving into the space formerly occupied by Zefferino<\/strong>. Feighery is looking forward to capitalizing on the critical mass created by two hotels and Sands Expo Center<\/strong> to drive foot traffic into the restaurant’s new location.<\/p>\n