A tale of two casinos – neither one containing the phrase ‘the best of times’. Boyd Gaming’s Q2 profit plunged by 73%, resulting in a net number that was only half what those pesky stock analysts had predicted. Hardly a surprise, then, that Boyd stock dropped 6% on the news. Meanwhile, dragged down by its CityCenter money pit, MGM Resorts posted an $883M loss. In doing so, MGM fell to #3 in the ‘biggest casino’ rankings, surpassed by the positive numbers Las Vegas Sands posted last week. Cue lots of CEO-speak about quality over quantity, and how their wives reassured them that size doesn’t matter, etc. Read more.
MGM punts on affluent masses in Macau
August 14, 2017