Douchebag murren was on CNBC this morn just caught the tail end of interview so not sure what he was on for?

 

They did quarterly results yesterday or the day before ... he has been trumpeting how they'll likely get $200 million in extra cash flow by the end of 2016, with only $100 million to go after that. He's got to be happy ... 2/3 of the way to his huge bonus! Meaning, I guess, we're all 2/3 of the way to crappier service?

 

They reported earnings yesterday and missed. I missed the CNBC interview, but skimmed through the transcript for their conference call yesterday. PGP was mentioned a lot.

Oddly no one asked and Murren didn't mention the paid parking plan. That means either large shareholders or analysts must feel that the paid parking will have no real impact on the business in a meaningful way. Its just a cog in the PGP wheel and blown way out of proportion by people on the internet.

 

I don't think so. My friend who lives in Vegas and was up here yesterday at the office and we discussed this at lunch. He has a lot of insider connections as he does the taxes for poker professionals, big time gamblers, casino execs, etc, etc (yada yada yada). Anyway, he said that around town this is a big deal and all the locals are flipping out. Everyone is taking a wait and see attitude, but they feel this will impact MGM negatively by implementing this. Of course it will be hard to measure what the impact will really be as it will be difficult to judge if a drop in business is directly related to parking fees or not. Could be a drop just due to general disgust over the PGP.

 

That might be true, my point was all the big investors and analysts didn't think it was worth asking about. I take that as not a big deal and just part of the PGP.

 

LOL, the Cotai strip project is put on hold? Maybe they should charge a "cotai resort fee" as well, tack on another $30 per night in Vegas to help them subsidize that mess. MGM is a debt ridden company, how long it will last is the big question!

 

I agree and have sold all my stock now. I don't see how they will ever shed themselves of the debt. And once rates rise they won't get the favorable terms they are now. So where's the upside?

 

take a page out of CET's playbook?

 

I'm still in MGM stock. I think there's more upside to Vegas and Cotai will eventually open. I paid like $4 a share I think though back in 2008 for it though.

 

Keep that trailing stop tight!