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Opening of MGM’s Aria Resort & Casino Successful, WYNN, LVS Stocks Fall

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Analyst Chris Woronka of Deutsche Bank maintains his "hold" rating on MGM Mirage (NYSE: MGM)(FREE stock trend analysis). The target price for MGM is set to $10.

According to Deutsche Bank, the opening of Aria Resort & Casino was successful, with 90%-95% of the patrons giving positive feedback. With this successful opening, MGM has achieved a milestone. Server Based Gaming (SBG)(FREE stock trend analysis) was also rolled out successfully at Aria without any major hitches, removing the concerns surrounding their launch and marking a positive move for slot manufacturers.

The $8.5 billion mixed-use development on the Las Vegas Strip took five years to get made and the last several billions of financing during the time of the downturn almost broke MGM Mirage.

The opening of the casino hotel is likely to adversely affect the business of Wynn Resorts (NASDAQ: WYNN)(FREE stock trend analysis) and Las Vegas Sands Corp (NYSE: LVS)(FREE stock trend analysis). While Las Vegas Sands’ share price has fallen 2.47% to $15.41, WYNN’s shares have lost 3.04% to $60.35 since morning.

Posted-In: Chris Woronka Deutsche BankAnalyst Color News Intraday Update Analyst Ratings Movers

 

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