MGM This Weeks Top Stock Pick

Casino stocks have been all the talk in recent times and MGM is at the top of the list this week as financial analysts are recommending a “buy” call. The company is planning on liquefying certain properties in order to re-coup some of the billions in debt that have built up due to the struggling economy and the many construction projects that are still underway.

The MGM stock price is currently up to $6.18 which is up more than 50% over the numbers that the company saw last week and the weeks prior to this.

The casino company has hotels and casino all over the US as well as several other properties throughout major tourists destinations in other areas of the world.

The MGM company recently hired Morgan Stanley to help control the sale of two very lucrative hotels for the company these hotels and casinos being rumoured to be the MGM Grand Detroit and Biloxi’s Beau Rivage Casino.

The company hopes that this will help to pay off $13.5 Billion dollars in debt across the board as well as aid in some cushion for the $8.6 Billion dollar city center project that is still only footsteps underway and have a long way to go before nearing completion.

The budgets for the city center are an educated estimated amount; however experts are saying more money may be needed to complete this project since the budgets were made originally with this year in mind for completion.

MGM company reps say that the company is not happy to be losing properties but is certain that they will see a positive turn around sometime in the near future and will grow the company and pick up new business ventures along the way.

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