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Australia’s Commonwealth Bank buys more MGM shares

Mon, Mar 18, 9:13am by Staff Writer

One of Australia’s biggest banks has purchased more than 15,000 shares in MGM Resorts International.

The institutional investor owned 49,131 shares of the company’s stock after purchasing an additional 15,484 shares during the period.

Commonwealth Bank of Australia’s holdings in MGM Resorts International were worth more than $1 million as of its most recent Securities and Exchange Commission filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company.

JOYN Advisors Inc increase its stake in MGM Resorts International by 377 per cent during the fourth quarter.

It now owns 1,159 shares of the company’s stock valued at $28,000 after purchasing an additional 916 shares during the last quarter.

Bessemer Group Inc also recently increase its shares, owning 1,583 shares of the company’s stock valued at $38,000 after an additional 1,350 shares were purchased during the last quarter.

Several research firms have weighed in on MGM Resorts in recent times according to Fairfield Current.

Deutsche Bank reiterated a “hold” rating on the stocks and set a $33 target price on shares of MGM Resorts International in a research note on Monday, January 28.

Zacks Investment Research lowered shares of MGM Resorts International from a ‘hold” rating to a “strong sell rating” in a research note in mid-February.

Morgan Stanley boosted the share price from $33 to $34 and gave the company an “overweight” rating in a research note in mid-February.

MGM Resorts International last released its quarterly earnings result on Wednesday, February 13.

The business had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.01 million.

MGM Resorts had a net profit margin of 3.96 per cent and a return on equity of 5.23 per cent.

The company’s quarterly revenue was up 17.6 per cent compared to the same quarter last year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 15.

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel and entertainment resorts in the United States and China.

The company operates through two segments, Domestic Resorts and MGM China.

Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities.

MGM looking to break into Japanese market

Casino giant MGM Resorts International is capitalising on the Japanese governments recent legalisation of casino gambling by becoming the title sponsor of Major League Basketball’s Japan games.

American’s biggest baseball league will hold a series in Japan next months, with players to wear patches on their uniforms promoting MGM Resorts International.

The move allows MGM to promote itself in the Japanese market after Japan legalised casino gambling last year.

As part of the sponsorship deal, the Oakland Athletics will wear MGM patches during their games against the Seattle Mariners at the Tokyo Dome on March 20 and 21, according to Bloomberg.

The terms of the agreement with baseball and its players union, a separate addition to the marketing partnership that the MLB and MGM signed last November weren’t released.

MGM has been laying the groundwork to target Japan’s gambling industry, according to chairman Jim Murren.

“It will be highly competitive. But I think the cards are stacked in the favour of those who are prepared, who have been working hard,” Mr Murren said.

Baseball’s international games are the only time teams are allowed to wear advertising patches on their jerseys – a practice that is customary in overseas leagues.

The last time the league opened its season in Japan, in 2012, players wore patches from sponsors Boeing and online games platform Gloops.

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