valley forge casino mapBut 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.No Real Estate, More VolatilityLast year, MGM sold Bellagio and Circus Circus, and the real estate liquidation theme continued into January, as the operator parted with MGM Grand and Mandalay Bay on the Strip.1 billion in cash, giving it its strongest balance sheet ever.bicycle casino breakfast buffetMGM Grand on the Las Vegas Strip.An analyst downgraded Wynn’s stock today, citing exposure to that market and weakness in Las Vegas.Last month, Barry Diller’s IAC paid billion to acquire 12 percent of MGM’s equity, sparking a rally in the stock.turtle lake mn casino

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firekeepers casino table gamesThe stock suffered its second lower revision in three days Wednesday, with the Las Vegas Strip looking like the primary culprit.Last month, Barry Diller’s IAC paid billion to acquire 12 percent of MGM’s equity, sparking a rally in the stock.The analyst points out that a VIP-led recovery in Macau may not materialize to the extent market observers previously believed, and that could weigh on Wynn equity.boomtown casino logoThe analyst points out that a VIP-led recovery in Macau may not materialize to the extent market observers previously believed, and that could weigh on Wynn equity.That implies downside from the area at which the stock currently resides.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.cashman casino buffalo

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is hollywood casino morgantown open1 billion in cash, giving it its strongest balance sheet ever.(Image: Ethan Miller/Getty Images)In a note to clients today, Roth Capital analyst David Bain lowered his rating on the Bellagio operator to “neutral” from “buy,” while paring his price forecast on the stock to , implying significant downside from the area at which it currently trades.That helped it amass a large cash hoard that kept it afloat during the multi-month shutdown of domestic casinos.”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.BetMGM is a joint venture with GVC Holdings, meaning MGM has to share the economics with its UK-based partner.“4Q/1Q marks convention season, which is essentially non-existent, leaving MGM’s portfolio dependent on California leisure traffic.gold coast casino gift days