Why? It's shuttered until further notice as of yesterday. Same with every other casino. This virus will fundamentally change the way we interact, travel, and socialize for a year or more. The casinos and hotels will be the worst hit and MGM owns quite a few properties in it's portfolio.
MGM has to close all of its theaters and hotels and casinos.....people are not going to rush back when the doors opens because people who blow discretionary income in those places will not have as much and need to save.
Very true, they'll have bad earnings for at least a year, but it's at a 10year low price in just this past few weeks.... casinos may go bankrupt, so it's a speculative bet. At most I'll buy 50 shares at 7, then scale in if it bounces. Also bottomfishing CZR and pot CGC. Key is really tiny initial bets. Right re fundamental changes coming, market will take out multiyear lows; I'm in TVIX from 137, scaling into SQQQ VXX today.
Vegas begins lockdown at noon today... for 30 days, mandated by governor. ALL casinos are closed. ALL gaming, whether inside a grocery store, bar, or an actual casino is shutdown. ALL non-essential stores and services that are normally available to the public are closed. Restaurants can offer takeout or delivery only, no inside dining. All pubs and drinking establishments are closed. Don't worry about getting a haircut, have clothes dry cleaned, or getting a new set of tires. You can't! For 30 days! Once the billions are received by casinos, airlines, restaurants, and hopefully plain ol citizen employees, watch the technology come in... Robots and kiosks will replace quite a few jobs. On the plus side, Vegas is EXPERT at reinventing itself.
This is insane...we gave never witnessed this type of situation ever. Vegas shutting down a month..the amount of money being lost is mindboggling
It is not only Las Vegas... IT IS THE ENTIRE STATE OF NEVADA! Mandated by the governor (who has a (D) next to his name, fwiw.)