valley forge casino indoor poolIt’s been a week of downgrades for MGM Resorts International (NYSE:MGM).Last month, Barry Diller’s IAC paid billion to acquire 12 percent of MGM’s equity, sparking a rally in the stock.”With convention traffic all but non-existent and leisure travelers from other regions unwilling to fly to Nevada, the Roth analyst points to Sin City’s dependence on the Golden State as a major near-term vulnerability because California’s own economy is struggling and is home to steep unemployment, owing to the COVID-19 pandemic.hard rock casino eventsNow, MGM has .Too much dependence on its home market is a potential drag on MGM stock at a time when Las Vegas is still grappling with the effects of the coronavirus pandemic.Fontenot told Casino.blackjack online odds

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fanduel casino.com“The cyclical, competitive, capital-intensive nature of the Strip combines with a basket of well-known macro/specific travel and Las Vegas negatives, seemingly dismissed by investors since IAC took a 12roulette casino online percent stake in MGM,” said the analyst.But its land-based difficulties trump its digital opportunities by a wide margin,” said Bain.MGM is the largest operator on the Strip, deriving half its 2019 earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) from that market, according to Bain.draftkings casino phone numberThat helped it amass a large cash hoard that kept it afloat during the multi-month shutdown of domestic casinos.That helped it amass a large cash hoard that kept it afloat during the multi-month shutdown of domestic casinos.Last month, Barry Diller’s IAC paid billion to acquire 12 percent of MGM’s equity, sparking a rally in the stock.live casino 3 card poker

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free slot games double diamondsAdditionally, the business will generate just 0 million in revenue this year, with profitability three years away, according to the Roth analyst.Additionally, the business will generate just 0 million in revenue this year, with profitability three years away, according to the Roth analyst.But Bain is concerned that the lack of real estate levers to pull means the operator is too levered to Las Vegas, and investors may be overlooking that risk.Soft air travel, group/event comproulette casino onlineression, low pricing power and high fixed costs, including rent payments,” are among the issues highlighted by Bain.BetMGM is a joint venture with GVC Holdings, meaning MGM has to share the economics with its UK-based partner.But Bain argues Diller’s company may have paid too much for the privilege.three rivers casino near me