MGM Resorts' shares rise slightly

  • Follow Business

A profit of 2 cents per share, excluding one-time items, is all it took for MGM Resorts to beat Wall Street’s expectations for third-quarter earnings.

MGM Mirage Inc., and  Mandalay Resort Group shareholders are considering MGM's $4.8 billion cash offer to acquire Mandalay's properties and create the world's largest gaming company.  JOE CAVARETTA/ASSOCIATED PRESS
JOE CAVARETTA/ASSOCIATED PRESS
MGM Mirage Inc., and Mandalay Resort Group shareholders are considering MGM's $4.8 billion cash offer to acquire Mandalay's properties and create the world's largest gaming company.

News of deeper third-quarter losses for competitors, Boyd Gaming and Caesars Entertainment, helped drive investors away from casino stocks this week. Although MGM fell 5 percent this week, it remains up 65.8 percent so far this year.

Several analysts reiterated their “Buy” ratings on MGM after its earnings release, citing a strong outlook for 2014. In a note to clients, financial analyst Robert LaFleur of Cantor Fitzgerald wrote, “We are buyers because 2014 is shaping up to be a very good year in Las Vegas as convention business finally returns ....”

Wall Street analysts have an average target price for the stock of $22.68, which reflects projected appreciation of almost 18 percent.

GRAPHIC

You do not have a PDF plugin installed for this browser. Please click here to download the PDF file.

View the Graphic
MGM in Vegas

Some MGM properties on the Las Vegas Strip:

• Bellagio

• Luxor

• MGM Grand

• The Mirage

• New York-New York


Top headlines

Solar 'farm' for Fort Gordon?

ATLANTA -- Georgia military installations at Fort Stewart, Fort Gordon, Fort Benning and Kings Bay will one day be housing solar farms that can make them independent of the power grid in ...
Search Augusta jobs