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Non-Tech : MGM Grand Hotel and Casino Symbol MGG

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To: cboothe who wrote (34)7/24/1997 8:15:00 PM
From: Randy Atkins   of 96
 
I think we could move sideways, maybe even dip a little from the gain of the last couple of days. I think the street will need some time to digest and sort out the debt issue and its' consequences. The debt issue is complicated and makes a new variable that we didn't count on just 24 hours ago. I want to reinterate that the analysts really do not understand this sector or more importantly, MGG. They look at the sector and lump all players in it together. The sector REALLY DOES suck; CIR is down, the Boyd Group stinks, the stations' casinos are horrible, Debbie Reynolds' casino just filed for bankruptcy, LV Hilton is half empty and the remodeled downtown area is marginal. However, MGG is a winner.

I don't want to sound like a smart-ass, but look back at my previous posts...everything I said came true; New York New York continues to shine, gambling earnings improved (especially bacarrat), occupancy revenue actually increased; and its because MGG is pulling from Luxor, Excalibur, Hilton, and other crappily run properties. All of this during a TOUGH quarter. I could see all that ahead of time and I'm just a country bumpkin down here in Lubbock, TX. The analysts remain suspect and ignorant. Speaking of ignorant, you wouldn't believe some of the stupid questions that came in from some of these brokerage houses during the conference call. Some of the guys fumbled so badly with their questions that Yemenidjian had to help them out and lead the question so that he could give an intelligent response.

For these reasons, I don't think we will see any kind of quick runup, but I do see a slow and steady increase over time. I'm going to park my money here for awhile and continue to accumulate. Unless I am missing something, I don't see anything in the debt plan that will be adverse to us. In fact, I am very excited about their plans. Listen to the call, you will see what I mean. There is much opportunity here for improvement with very little downside.

--Randy
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