Metro-Goldwyn-Mayer has reached a new low, by suing the victims of the Las Vegas shooting.In defense of MGM, over two-thousand people are threating to sue the media conglomerate, so the company needed to take some action to defend themselves.
Unfortunately for MGM shareholders, the stock wasn’t able to maintain that momentum and has been trending lower since the February high.
Looking at the daily chart we see that by connecting the February high with the April high we get a downward sloped trend line.After rallying for the last few weeks, the stock is now hitting that trend line and it is overbought based on the stochastic readings and the 10-day RSI.
The Tickeron Trend Prediction Engine generated a bearish signal for MGM on June 14.
FanDuel (DUEL) reports that it took in $13.3M in online sports bets in New Jersey during March, while DraftKings (DRAFT) took in $7.3M for the month.
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Caesars Entertainment is reportedly planning to name a new CEO, according to the Wall Street Journal citing people familiar with the matter.
The casino operator is expected to name Anthony Rodio as its new chief, who’s currently the CEO of Affinity Gaming.According to the Journal, some of the people said that Eldorado Resorts and Golden Nugget have shown interest in bidding for Caesars.
Vail Resorts beat second quarter earnings and revenue estimates, causing its shares to jump more than +8% Friday.
The mountain resort company reported net income of $5.02 per share, which edged past Wall Street analysts’ estimates of $4.83 per share.Its revenue of $850 million was higher than analysts’ expectations of $842 million for the quarter.
The company experienced a +27% year-over-year surge in skier visitation, while lodging revenue increased +16.1%.
Vail said that it would be boosting its quarterly dividend by +20% to $1.76 per share, payable April 11, to shareholders of record on March 27.
However, the company lowered its projection for the full-year EBITDA to a range of $690 million to $710 million, compared to its previous guidance range of $718 million to $750 million. It had weaker-than-expected destination guest visitation during the pre-holiday period.
Wynn Resorts shares declined more than 12 percent during after-hours trading as the company missed estimates in its quarterly earnings.
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Casino operator Las Vegas Sands (NYSE: LVS) has been trending lower since falling below its 50-day moving average back in June.A clear trend channel has formed and seems to be guiding the stock lower.
What is interesting is that the 50-day hasn’t been touched as it is just slightly above the upper rail of the channel, but running parallel to the rail.
The stock saw the so-called death cross of the 50-day dropping below its 200-day moving average in August and then fell approximately 25% from that point to the low in late October.
The fundamental picture for LVS is mixed.
The American Gaming Association released an annual report on the commercial casino industry State of the States: The AGA Survey of the Commercial Casino Industry.
The annual report gives an analysis of the commercial casino industry and the economic influence it has in the 24 U.S. states with commercial gaming operations.
According to the report, gross gaming revenue in the United States increased 3.4% to $40.28B last year.
The state with the largest growth in revenue in 2017 was Maryland (+34.2% Y/Y) followed by New York (+16%), Oklahoma (+10%), Kansas (+7%) and Massachusetts (+6.3%).In Nevada commercial casino revenue also rose 2.8%.
The most significant drop in revenue in 2017 reported in West Virginia (–4.6%) due to competition from neighboring states.
According to AGA report: "Commercial casino operators were not the only beneficiaries of industry growth.
Caesars Entertainment will introduce sports betting to its several casinos (they used to have it only in Nevada) – but now it will expand to its locations in Atlantic City and on the Gulf Coast.
MGM Resort International is following a similar strategy and expending the online gambling platforms and sports betting.The online offering will include sports betting, casino gaming, and poker.
Mobile applications for betting will be developed in cooperation with Boyd Gaming.
Of course, no betting while driving.