Double Bets Are On MGM Optimism for Las Vegas rebound takes root as traders look to MGM for profits.
As MGM expands its casino and gaming complex, investors seek to purchase stock at twice it’s current value, Bloomberg reports. MGM, which opened its new $8.5 billion resort, City Center, on Dec. 1, is hoping the move will help reduce a debt load of $13 billion.
It is expected that travel to Las Vegas will increase by 7 percent in 2010, thus building optimism for creating profits. Joshua Belanger, founder of OptionSizzle.com, claims it’s a long shot. “But”, he says, “given how much these names can move, it could give them some bang for their buck.”