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Benzinga
Benzinga
Business
Priya Nigam

This MGM Resorts Analyst Is No Longer Bullish Due To Las Vegas Slowdown, Rising Capex

MGM Las Vegas MGM Resorts International United States NY
Mgm,Grand,Hotel,And,Casino,In,Las,Vegas,-,Las

Seaport Research Partners’ Vitaly Umansky downgraded MGM Resorts (NYSE:MGM) from Buy to Neutral, citing expected headwinds for gaming in both Las Vegas and U.S. regional markets this year.

The MGM Resorts International Thesis: The company has high exposure to the U.S., with over 85% of its casino net revenues generated from U.S. land-based casinos, according to Umansky’s downgrade note.

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