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Analysts update on MGM Resorts after Las Vegas tragedy

Published 10/02/2017, 02:13 PM
© Reuters. Analysts update on MGM Resorts after Las Vegas tragedy
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  • Nomura thinks MGM Resorts (NYSE:MGM) will see an elevated level of cancellations in Q4 due to the mass shooting near the Mandalay Bay hotel resort, but that the financial impact will be recorded as an one-time quarterly charge and be limited over the long term.
  • MGM is still one of the favorite stocks of Nomura casino sector analyst Harry Curtis.
  • The note from Curtis advises investors that all the positive aspects of the MGM growth story are still in play.
  • Morningstar analyst Dan Wasiolek is also weighing in on MGM. "Barring another tragic event in the gaming region the impact to travel and operators in the region could likely prove short-lived and pullbacks like these can be long-term add opportunities," says Wasiole.
  • Shares of MGM are down 4.79% on the day on volume almost 4X normal activity.
  • Previously: MGM Resorts down after mass shooting in Las Vegas (Oct. 2)
  • Previously: MGM Resorts responds to Las Vegas mass shooting tragedy (Oct. 2)
  • Now read: General Motors (NYSE:GM) ramps up all-electric push


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