Beacon Equity Research announces the release of Trade Alerts covering resort and casino stocks: MGM Mirage (NYSE: MGM), Boyd Gaming Corp. (NYSE: BYD), Wynn Resorts Ltd. (Nasdaq: WYNN), Monarch Casino & Resort Inc. (Nasdaq: MCRI), Penn National Gaming Inc. (Nasdaq: PENN) and Melco Crown Entertainment Ltd. (Nasdaq: MPEL).
In the Trade Alert, the author highlights Colony Capital’s possible investment in MGM's City Center:
“Shares of MGM (NYSE: MGM) surged 7.32% to $3.37 in today’s early trading, moving on reports that the resort and casino company may receive additional cash from Colonial Capital, a Los Angeles, Calif.-based real estate firm, to continue its City Center project in Las Vegas, sending other stocks within the sector higher as well. … In a note to clients, Lawrence Klatzkin of Jefferies & Co. said that the potential investment in the City Center project help lift the sector amidst speculation that the additional capital comes from confident strong hands whose eyes are set on the future of the company and the industry itself. The cash infusion would give new life to the $8.6 billion MGM Mirage and Dubai World project, which recently was revealed to be tinkering on the verge of bankruptcy.”
The Trade Alert author also featured Station Casinos’ rejection of Boyd’s buyout offer:
“Shares of Boyd Gaming Corp. (NYSE: BYD) climbed 2.63% this morning, trading at $5.07. Last month, Boyd expressed interest in acquiring Station Casinos Inc. and its millions of assets, but the casino rejected the offer, even after posting a larger than expect loss for the fourth quarter of fiscal 2009. The company sites lower casino revenue, large write-downs of assets, and expenses incurred developing gaming opportunities. … The company posted a loss of $3.19 billion, compared with last year's fourth-quarter loss of $437.4 million. The bulk of the quarterly loss was attributed to a $3.39 billion write-off, including investments in joint ventures involving declining land values associated with the ventures.”
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