MGM Resorts (MGM) Seeing Strength in Las Vegas Room Rates - Nomura

Nomura/Instinet analyst Harry Curtis reiterated a Buy rating and $37.00 price target on MGM Resorts (NYSE: MGM) after conducting a room rate survey that positioned MGM Positively.

The analyst stated "Las Vegas room rate survey shows positive pricing trends improving through October. For 3Q, 1) YoY rates are tracking +3.9% for the market, or ~140bps higher than our prior survey read of +2.5%; 2) MGM is +5.2% YoY (vs. +3.7% prior), which is higher than the Street’s
+3.4% estimate; and 3) CZR is tracking +0.2% YoY (vs. -2.3% prior), given a tough comp in September (+16% in September of last year, according to our survey)".

For an analyst ratings summary and ratings history on MGM Resorts click here. For more ratings news on MGM Resorts click here.

Shares of MGM Resorts closed at $28.43 yesterday.

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