seminole casino orlandoBut Bain argues Diller’s company may have paid too much for the privilege.Last month, Barry Diller’s IAC paid billion to acquire 12 percent of MGM’s equity, sparking a rally in the stock.(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.cache creek casino resort employment verification”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.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.Soft air travel, group/event compgolden nugget casino bonus code michiganression, low pricing power and high fixed costs, including rent payments,” are among the issues highlighted by Bain.w casino facebook

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how to get free coins on cashman casinoMGM 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.“4Q/1Q marks convention season, which is essentially non-existent, leaving MGM’s portfolio dependent on California leisure traffic.Fontenot told Casino.online casino kentuckyAn analyst downgraded Wynn’s stock today, citing exposure to that market and weakness in Las Vegas.“We believe certain operators are structurally better poBut its land-based difficulties trump its digital opportunities by a wide margin,” said Bain.lake tahoe casino rv parking

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oxford casino specials“To be clear, we believe IAC ownership is a positive for MGM.That 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.The stock suffered its second lower revision in three days Wednesday, with the Las Vegas Strip looking like the primary culprit.BetMGM is a joint venture with GVC Holdings, meaning MGM has to share the economics with its UK-based partner.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.blackjack online card counter