MGM Resorts reveals its plan to put a casino in Bridgeport

by Garry Watts September 19, 2017, 0:31
MGM Resorts reveals its plan to put a casino in Bridgeport

At the end of 06/30/2017 reporting period, 216 institutional holders increased their position in MGM Resorts International (NYSE:MGM) by some 76,181,933 shares, 224 decreased positions by 60,772,952 and 50 held positions by 302,686,776. Karpus Management Inc bought 29,194 shares as the company's stock rose 1.57% with the market.

In MGM's plans, the company said it will also establish a workforce development and training center in the city of New Haven. BidaskClub downgraded MGM Resorts International from a strong-buy rating to a buy rating in a research report on Tuesday, August 1st. Instinet restated a "buy" rating on shares of MGM Resorts International in a research report on Monday, July 17th.

Among 13 analysts covering MGM Resorts (NYSE:MGM), 11 have Buy rating, 0 Sell and 2 Hold.

MGM Resorts International (MGM) now the company's industry has 12.62 P/E and the sector P/E is 16.21. MGM Resorts International (NYSE:MGM) has risen 45.28% since September 17, 2016 and is uptrending. One of the most popular ratios is the "Return on Assets" (aka ROA). The company rocked its 52-Week High of $34.65 and touched its 52-Week Low of $24.78.

MGM is already building a almost $1 billion casino in Springfield, Massachusetts, that threatens to take revenue and jobs away from the Foxwoods Resort Casino and Mohegan Sun in CT.

Schroder Investment Management Group boosted its position in shares of MGM Resorts International (NYSE:MGM) by 94.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.03. Tiger Management Limited Liability has invested 0.36% of its portfolio in MGM Resorts International (NYSE:MGM). During the same period in the previous year, the firm posted $0.29 EPS. The company beat the analyst EPS Estimate with the difference of $0.47.

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Concourse Capital Management Llc decreased Mgm Resorts International (MGM) stake by 12.32% reported in 2016Q4 SEC filing. If you are reading this report on another domain, it was illegally stolen and republished in violation of USA and global trademark & copyright legislation.

MGM Resorts International is seeking to bring the first nontribal gambling hub to CT with a resort casino to be built at Bridgeport's Steelepointe Harbor.

Since May 1, 2017, it had 0 insider purchases, and 9 selling transactions for $3.33 million activity.

The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. The firm has "Hold" rating by Deutsche Bank given on Monday, September 11. This represents a $0.44 dividend on an annualized basis and a yield of 1.38%. MGM said it was put at a competitive disadvantage after CT officials created a special pathway for the tribes to build a casino on non-tribal land. The shares were sold at an average price of $33.83, for a total value of $104,771.51. Following the completion of the transaction, the chief executive officer now owns 71,442 shares of the company's stock, valued at approximately $2,442,601.98. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. LLC now owns 7,403 shares of the company's stock valued at $203,000 after acquiring an additional 1,724 shares in the last quarter. The insider now directly owns 137,467 shares worth $4,387,947. The disclosure for this sale can be found here.

Lord Abbett & Company, which manages about $32.94 billion US Long portfolio, decreased its stake in Vail Resorts Inc Com (NYSE:MTN) by 288,018 shares to 118,508 shares, valued at $19.12 million in 2016Q4, according to the filing. The Company, through its subsidiaries, owns and operates casino resorts. It also reduced its holding in Nuveen Enhanced Amt Free Muni Com (NVG) by 905,707 shares in the quarter, leaving it with 353,419 shares, and cut its stake in Vanguard Index Fds Total Stk Mkt (VTI).

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 27th. The data from the past twelve months tells a different story: insiders executed 13 buys and 103 sells, and ownership increased by a net of 21.93 million shares. Toronto Dominion Bank grew its position in MGM Resorts International by 28.0% during the first quarter.


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