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MGM shares off 3 pct after analyst downgrade

2005-08-25

Shares of MGM Mirage, the world's No. 2 casino operator, fell 2.5 percent on Friday after Merrill Lynch downgraded the stock, citing minimal opportunity for further growth.

Cutting his rating to "sell" from "neutral," analyst David Anders said, "Given the size and scope of the projects in MGM's pipeline, we find it hard to believe that they could announce another major project in the near term."
MGM shares, which have more than doubled in price since last August, were down $1.20 to $44.80 near midday on the New York Stock Exchange after falling as low as $44.75 earlier in the session.
The Susquehanna Casino and Gaming Index was down 0.6 percent. The index has risen more than 46 percent since last September.
In April, MGM Mirage completed its $5 billion acquisition of Mandalay Resort Group, creating the world's second-largest casino operator after Harrah's Entertainment Inc., which closed its acquisition of Caesars Entertainment in June.
MGM Mirage, controlled by Las Vegas resort pioneer Kirk Kerkorian, now owns 24 properties and will take in about $7 billion a year.
"The rating change is based on our assessment of risk/return characteristics of the stock and is not a reflection on the high-quality management team," Anders wrote in a research note.
He said that although business in Las Vegas continues to boom, "expectations are high."
MGM Mirage reported a 34 percent rise in second-quarter profit on Thursday, driven by its acquisition of Mandalay and strong business in Las Vegas.

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