To: Jon Dough who wrote (82) | 6/23/1998 1:30:00 PM | From: Astarte | | |
** Hotel and casino giant MGM GRAND (MGG: 30-5/8, + 4), which has suffered through two quarters of lower-than-expected gambling revenues, said Tuesday its board has authorized the company's purchase of up to 12 million common shares, representing about 20% of the company's shares outstanding. Of those, 6 million would be purchased at $35 per share in a tender offer. Separately, the company anticipates that lower than average table games hold percentage at MGM Grand Las Vegas will result in 2Q earnings in a range of $0.25 to $0.30 per share, compared with estimates of $0.41 per share, according to First Call. See Full Story at infobeat.com.
Isn't this a big positive? I'm in @ 32 15/16. Would be interesting to hear some comments about the stock repurchase!
Astarte
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To: Astarte who wrote (83) | 7/22/1998 10:48:00 AM | From: Vladimir Zeetser, M.D. | | |
MGG is definitely a buy, excellent fundamentals compared to the other casinos out there and their potential is to only go UP. I like the company's buyback to help the stock. They obviously have good business sense and care about investors. Unfortunately, I have holding this stock for 7 months, but I am positive that it will see a dramatic increase in price, if not in Nov-Dec, then Jan. Hell, I lose about $30,000 a year there. |
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To: Vladimir Zeetser, M.D. who wrote (84) | 8/3/1998 2:45:00 PM | From: Vladimir Zeetser | | |
They say the house always wins.. On craps, I used to bet big red (7), because the house is 7 and it cleans up the table. However, I recently lost my ass playing 7 when the rollers through 34 rolls of the dice with no 7. That's how MGM must be feeling right now. I thought that this had to be the most safe investment that I have ever made, but it turns out to be the only stock on which I am losing a substantial amount of money. Obviously I am gonna stick with it until I break even or make a profit, but I'm just disgusted as to how long I have had so much money tied up in garbage. I knew I shouldn't have trusted that Armenian. |
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To: Vladimir Zeetser who wrote (86) | 11/9/1998 9:54:00 AM | From: Troy Griffin | | |
If you are interested in reinvesting some of your profits into a gaming company that is presently trading at 1.25, and within 6 to 8 months could possibly be trading at mid to high digit prices I suggest you look at sungold gaming international. (SGGNF). They are presently involved in three projects 1. A casino in michigan, USA. 2. A horse racing track in richmond, B.C. Canada 3. A casino/resort in Korea 3km from the new inchon airport, the biggest airport in the pacific rim I suggest you do all your due diligence and also speak with the CEO 1-604-222-3155 also check out their website. www.sungoldgaming.com I think you will find this company to be very interesting Happy Investing |
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To: miklosh who wrote (88) | 2/5/1999 4:30:00 AM | From: miklosh | | |
MGG Q4 EPS: $0.41 estimate: $0.35
biz.yahoo.com
fnews.yahoo.com
biz.yahoo.com
Thursday February 4, 4:12 pm Eastern Time
MGM Grand beats Q4 estimates, shares rise
By Sarah Tippit
LOS ANGELES, Feb 4 (Reuters) - MGM Grand Inc. (NYSE:MGG - news) reported lower quarterly earnings on Thursday, but still beat Wall Street forecasts on record-breaking revenues, sending the hotel and gambling company's shares rising on the day.
MGM Grand attributed the robust sales to good luck at its casinos and an emphasis on food and drink sales at its flagship resort, the MGM Grand hotel in Las Vegas.
Record fourth quarter net revenues of $214.9 million versus $212.6 million a year ago, signified a rebound from a string of several unlucky quarters at the Las Vegas-based hotel and gambling company.
For the fourth quarter, MGM reported net income of $21.2 million, or 41 cents per diluted share, versus $33.4 million, or 57 cents a diluted share last year. Analysts had expected MGM to earn 35 cents a share in the quarter, according to investment research firm First Call.
MGM shares rose over $1.00 in early trading on the New York Stock Exchange, and ended the day 94 cents higher at $31.56.
Executives at the hotel and casino giant said the higher revenues showed that ongoing efforts to upgrade the Las Vegas resort, the MGM Grand, and expand into other markets would offset competition in the U.S. hotel and casino industries.
''We have dramatically expanded our properties, established important marketing partnerships, embarked on an aggressive cost containment program and significantly improved the depth of our management team,'' President Alex Yemenidjian said in a statement.
''The fourth quarter results provide a positive early indicator of the merit of our strategic plan,'' he added.
The face-lift and renovation of the MGM Grand Resort and Casino in Las Vegas is nearly completed, the company said, with a 29-suite mansion opening in April, and a lion habitat opening in May.
A conference center and upscale '70s themed Studio 54 nightclub, which opened recently, have boosted the company's beverage and food revenue over 1997's fourth quarter.
However, in its second year MGM Grand's 50 percent-owned New York-New York Hotel and Casino located across the Las Vegas Strip from the MGM Grand, fell short of the stellar results it reported over the course of last year, the company said.
MGM Grand, which jointly owns the property with Primadonna Resorts Inc., (Nasdaq:PRIM - news) reported $6.9 million in pretax income from New York-New York compared with $9.1 million a year ago.
MGM Grand said it is now focused on closing a merger with Primadonna, expected on March 1, 1999, pending shareholder approval. If approved, MGM Grand would boost its size and scope by acquiring Primadonna's 50-percent share in New York-New York, as well as its three gambling resorts in Primm, Nev., and two championship golf courses in nearby California.
MGM Grand said it also plans on opening its newest casino property in Detroit in the third quarter.
Overseas properties reported positive revenues, the company said. The MGM Grand resort in Australia exceeded expectations with net revenues of $8.9 million compared with $8.5 million last year. In its first full quarter, the company's third Johannesburg, South Africa casino, a temporary facility, also exceeded expectations, the company said.
MGM Grand and its partners continue to submit bids for additional casino licenses within the remaining provinces of the Republic of South Africa, it said. Under such deals, partners provide all project costs, and MGM Grand receives fees for the development and management of the casinos. |
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To: Steven W. who wrote () | 4/15/1999 9:34:00 AM | From: Whisperer! | | |
NEWS Thursday April 15, 9:00 am Eastern Time
Company Press Release
Simulator Systems to Enter Internet Gaming Industry
PORTLAND, Ore.--(BUSINESS WIRE)--April 15, 1999--Simulator Systems Inc. (OTCBB:SIMMD) announced today that the Company is positioning itself to profit from the fastgrowing Internet gaming industry under the new name Casino Pirata.com.
Casino Pirata.com will be a theme based Casino and Sportsbook that will offer Las Vegas style casino games such as blackjack, roulette, pai-gow, and craps along with wagering on professional sporting events such as the NFL, NBA, NHL, and Major League Baseball.
The Casino & Gaming Business Market Research Handbook predicts that the Internet gaming market could reach US $100 billion to $US 200 billion in annual revenues by 2005. Currently, Internet gaming companies such as Starnet Communications (OTC BB:SNMM), YouBet.com (OTC BB:UBET) and Bingo.com (OTC BB:BIGG) are benefiting from the huge popularity of online wagering. With this in mind, Casino Pirata is expecting to be fully operation in April located at www.casinopirata.com.
Casino Pirata has established strategic alliances with WorldNet Gaming (OTC BB:RIHI), the leader since 1996 in developing casino games and SBG Global, one of the largest offshore sports betting operations in the world.
Casino Pirata's website is graphically enhanced and easy to navigate. In addition to offering games found at traditional Las Vegas casinos such as MGM Grand (NYSE:MGM - news), Mirage Resorts (NYSE:MIR - news), Circus Circus (NYSE:CIR - news), Harrah's Entertainment (NYSE:HET - news), the website will offer players secured credit card transactions as well as languages in French, Spanish, German, and Italian in order to accommodate players from all over the world.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the Company's domestic and international operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings.
Contact:
FMC, Longwood, Fla. Investor/Media Relations: Jennifer Thompson, 407/696-2221 |
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To: Whisperer! who wrote (90) | 4/20/1999 1:40:00 AM | From: miklosh | | |
biz.yahoo.com
snipped from the above article:
MGM Grand (NYSE:MGG - news) reports that its flagship property in Las Vegas, MGM Grand Hotel and Casino - The City of Entertainment is experiencing record first quarter 1999 occupancy of 96.5% vs. 90.6% in the comparable 1998 period, with average daily rates-to-year.
Occupancy rates at the company's New York - New York Hotel and Casino are currently 97.8% compared with 88.9% in 1998. Others in this industry group include Trump Hotels (NYSE:DJT - news), Circus Circus (NYSE:CIR - news), Mirage (NYSE:MIR - news), Harrahs (NYSE:HET - news), Hilton (NYSE:HLT - news), Park Place Ent. (NYSE:PPE - news), Caesars/Starwood (NYSE:HOT - news). |
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