Wotif Gold Coast Casino oyment, owing to the COVID-19 pandemic. cashman casino please 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. raging bull casino code when will valley forge casino open back up The gaming company struck while the iron was hot, commanding strong pricing on those properties prior to the onset of the pandemic. That helped it amass a large cash hoard that kept it afloat during the multi-month shutdown of domestic casinos. Now, MGM has . 1 billion in cash, giving it its strongest balance sheet ever. little.river casino

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. casino 888 blackjack gratis “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 12 percent stake in MGM,” said the analyst. Last month, Barry Diller’s IAC paid billion to acquire 12 percent of MGM’s equity, sparking a rally in the stock. That’s because investors are enthusiastic about Diller’s reputation for helping small consumer online assets become internet behemoths. pechanga casino job fair Raining on the ParadeIAC getting involved with MGM is much more about the gaming company’s online casinos and BetMGM units than it is about land-based integrated resorts. But Bain argues Diller’s company may have paid too much for the privilegcasino 5 letter wordse. casino table games names Royal Ace Casino Free Chip Codes Knpz

Key Insights and Expert Analysis

BetMGM is a joint venture with GVC Holdings, meaning MGM has to share the economics with its UK-based partner. Sam S Town Casino Las Vegas Weddings Emzz Additionally, the business will generate just 0 million in revenue this year, with profitability three years away, according to the Roth analyst. “To be clear, we believe IAC ownership is a positive for MGM. free slot games konami But its land-based difficulties trump its digital opportunities by a wide margin,” said Bain. Shares of Wynn Resorts (NASDAQ:WYNN) are lower by more than two percent Wednesday after Roth Capital analyst David Bain downgraded the gaming operator, citing, among other factors, risk in the marquee Macau market. choctaw casino restaurants An analyst downgraded Wynn’s stock today, citing exposure to that market and weakness in Las Vegas.

The Wynn Macau is pictured above. (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 to . Online Casino Credit Line Lwfd That implies downside from the area at which the stock currently resides. 5 casino court torquay 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. “While structural elements for visitation improvements are advancing, we believe a VIP-led recovery will be less broad-based than many anticipate and carry specific risks,” said Bain. wild casino promo code no deposit black oak casino hours “We believe certain operators are structurally better positioned from the more visible, long-term dynamic Macau casino 5 letter wordsgaming market than Wynn. h town casino events casino table games with best odds

”Risks mentioned by the Roth analyst include ongoing geopolitical volatility between the US and China, and concession renewal risk for US operators in Macau, among others. black lotus casino 100 no deposit bonus 2020 Chinook Winds Casino Telephone Number Waxy Risky BusinessBy Bain’s estimate, Wynn derives 68 percent of its earnings before interest, taxes, depreciation and amortization (EBITDA) from the world’s largest gaming center, adjusting for its ownership stake in Wynn Macau. That’s fine in a normal operating environment, and it’s exposure that’s served Wynn investors well over the years. But 2020 is far from the usual climate for gaming companies. twin river casino promotions Wynn Macau and Wynn Palace, along with the special administrative region’s (SAR) other casinos, were closed for 15 days in February because of the coronavirus pandemic. Only recently have there been most signs of a pickup in visits.

Some investors like Wynn stock due to Asia-Pacific exposure. But Bain sees risks by way of a lack