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MGM Resorts

As of YE17 MGM owned and operated fourteen resorts in the United States and two resorts in Macau, China, as well as 50% interests in two other U.S. resorts. Combined, this included 2.1mn square feet of casino space, about 48,000 hotel rooms, 27,000 slots, and 1,900 tables. MGM's newest facility, MGM Cotai in Macau, opened in 1Q18. Another property, MGM Springfield in Massachusetts, is expected to open in 3Q18, after construction costs of $960mn, with 2,550 slots and 120 table games. MGM was formerly controlled by the late Kirk Kerkorian, whose holding company, Tracinda, is winding down its stake in MGM. In March 2018, MGM purchased 10 million of Tracinda's MGM shares, leaving Tracinda with a 4.9% stake in the company. MGM spun off its real estate into MGM Growth Properties (MGP) in 2Q16 under pressure from activist shareholders. MGM controls MGP voting power through its Class B shares. (03 Oct 2018)

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US Employment: Modest Gains for Jobs & Wages

Sector Analysis: 09 Dec 2018, 9:01 PM ET - Payrolls and wages both took a step back in November.  We highlight this months employment data and discuss the possibility for manufacturing, construction, and mining employment to lead a 2019 deceleration in jobs growth.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 
Focused

MGM Resorts 3Q18: Underpromised, OK Delivery

Earnings Note: 31 Oct 2018, 12:06 AM ET - MGM Resorts reported 3Q18 revenues of $2.9bn, up 7% YoY, and EBITDA of $717mn, down 9%. We reiterate our Underperform recommendation.

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.
Focused

MGM Resorts: Joins MGP at Hard Rock Northfield

Worth Watching: 19 Sep 2018, 2:39 PM ET - MGM Resorts (Sr Unsec Ba3/BB-) will acquire the operations of the Hard Rock Rocksino in Northfield, Ohio, for $275mn. MGM will rent the property for $60mn from its landlord, MGM Growth Properties (B1/BB-), which closed on the property in July. ..

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.
Focused

MGM Resorts 2Q18: Summertime Blues

Earnings Note: 02 Aug 2018, 2:36 PM ET - MGM experienced another quarter on defense as their efforts to fill gaps in the 3Q18 convention calendar fell short. Notwithstanding the hiccup, we believe underlying fundamentals in the Las Vegas and regional markets are solid.
Focused

MGM Resorts: Teams Up With NBA, GVC, and BYD

Worth Watching: 31 Jul 2018, 11:56 PM ET - MGM Resorts (Sr Unsec: Ba3/BB-) announced several agreements as it moves full steam toward the sports and online betting vanguard. Earlier this week, MGM announced an agreement with GVC, whereby both companies will contribute $100mn for 50/50 o ..

Gaming: Japan Approves 3 Integrated Resorts

Worth Watching: 22 Jul 2018, 9:35 PM ET - Gaming: The Japanese legislature's upper house passed a casino legalization bill, which sets the stage for three integrated resorts. The bill, which had not polled well, has been many years in the making, with the initial phase of legislation pa ..

Consumer/Pharma: Cross-Sector Rel Val Analysis

Sector Analysis: 19 Jul 2018, 4:27 AM ET - In this report, we juxtapose OAS and leverage levels across on-the-run non-cyclical credits in the F&B and Pharma space. M&A has elevated leverage for several names, so we aim to help investors find the best spread while managing risk.

July Beige Book: Tariffs Front & Center

Sector Analysis: 19 Jul 2018, 4:26 AM ET - We parse the July Beige Book for anecdotes on the impact of tariffs. It’s clear they’re contributing to rising input costs across the US.

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