Gaming analyst boosts MGM Resorts prospects

8 December 2010

LAS VEGAS, Nevada -- Sterne Agee gaming analyst David Bain has given a boost to MGM Resorts International.

In research note to investors, Bain upped his prospects for the Strip casino giant ahead of Thursday's release of Nevada's October statewide casino revenues by the Gaming Control Board.

"Our checks with Nevada operators lead us to believe the report will show at least pockets of strength in terms of gaming volume, and not just win statistics," Bain told investors. He increased his price per share target for MGM Resorts from $9 to $12.50.

"Sentiment may turn slightly more bullish for MGM," he said.

Bain also believes MGM Resorts could complete a loan refinancing deal for the CityCenter development by the end of the month. The company and CityCenter joint venture partner Dubai World are seeking to renegotiate terms of about $1.8 billion in financing.

"We believe the finality of such a refinancing will be a near-term event," Bain said.

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