chinook winds casino webcamMGM Grand on the Las Vegas Strip.(Image: Getty Images)In a note to clients today, Bain lowered his rating on the Encore operator to “neutral” from “buy,” while trimming his price target thard rock casino lake tahoe arcadeo .”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.jackson rancheria casino and resortBut its land-based difficulties trump its digital opportunities by a wide margin,” said Bain.The gaming company struck while the iron was hot, commanding strong pricing on those properties prior to the onset of the 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.viejas casino bowling

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las atlantis casino mobileThe Wynn Macau is pictured above.However, the riverboat was not structurally damaged and is back in operation as a floating casino.Soft air travel, group/event comphard rock casino lake tahoe arcaderession, low pricing power and high fixed costs, including rent payments,” are among the issues highlighted by Bain.sam s town casino careers“To be clear, we believe IAC ownership is a positive for MGM.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.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.boulder station casino boulder highway

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cache creek casino tribeMGM 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.“To be clear, we believe IAC ownership is a positive for MGM.However, the riverboat was not structurally damaged and is back in operation as a floating casino.“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 12hard rock casino lake tahoe arcade percent stake in MGM,” said the analyst. in the Lake Charles area were damaged in the Category 4 hurricane.Last month, Barry Diller’s IAC paid billion to acquire 12 percent of MGM’s equity, sparking a rally in the stock.cashman casino aristocrat