Beacon Equity Research announces the release of Trade Alerts covering resort & casino stocks: MGM Mirage (NYSE: MGM), Wynn Resorts Ltd. (Nasdaq: WYNN), Isle of Capri Casinos Inc. (Nasdaq: ISLE), Las Vegas Sands Corp. (NYSE: LVS), Penn National Gaming Inc. (Nasdaq: PENN) and Melco Crown Entertainment Ltd. (Nasdaq: MPEL).
In the Trade Alert, the author highlights MGM’s failure to reach a financing deal with Deutsche Bank:
“MGM MIRAGE (MGM) shares surged 6.27% to $3.05 in today’s early trading. MGM MIRAGE, through its subsidiaries, owns and operates casino resorts in the United States. It has a strategic alliance with the Mashantucket Pequot Tribal Nation, which owns and operates Foxwoods Casino Resort in Ledyard, Connecticut. … According to industry sources, the company and its partner Dubai World recently failed to reach a deal with Deutsche Bank AG over the final $1.2 billion in financing for their Las Vegas Strip CityCenter project. Under said negotiations, Deutsche Bank would contribute its Cosmopolitan Resort & Casino to CityCenter and provide a $1.2 billion loan, potentially in return for an equity stake in the MGM property. The negotiations were the chief reason MGM has delayed the filing of its fourth-quarter earnings release, said one source familiar with the matter.”
The Trade Alert author also featured Wynn’s lowering of analyst forecast for 2009 and 2010:
“Wynn Resorts Ltd. (WYNN) shares rose 5.90% to $20.66 just after today’s opening bell. Wynn Resorts, together with its subsidiaries, engages in the development, ownership and operation of destination casino resorts. … A Goldman Sachs analyst recently cut the price target of Wynn Resorts to $23 from $26, citing challenging market conditions in Macau. The analyst decided to lower his 2009 and 2010 profit forecasts for Wynn Resorts, given recent revenue results coming out of Macau. He reduced Wynn Resorts' 2009 earnings per share estimate to 29 cents from 57 cents and trimmed his 2010 prediction to 60 cents from 75 cents.”
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