MGM Resorts Could Lose Out On Casino Licenses In New York City Due To Bookie Scandal: Report
Portfolio Pulse from Shivani Kumaresan
MGM Resorts International's chances of winning two of the three full-scale casino licenses in New York City have reportedly become complicated due to an alleged bookmaking scandal in Las Vegas. The scandal involves the former head of the MGM Grand casino in Las Vegas, Scott Sibella, who was made to step down as president and operating chief of Resorts World. This could potentially benefit MGM's rivals in the casino race, including Bally's Corp, Caesars Entertainment Inc, Las Vegas Sands Corp, and Wynn Resorts Limited.
September 19, 2023 | 12:13 pm
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POSITIVE IMPACT
Bally's Corp could potentially benefit from MGM's scandal, which could positively impact its stock.
If MGM's chances of winning the casino licenses are compromised, this could open up opportunities for its rivals like Bally's Corp, which could positively impact its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Caesars Entertainment Inc could potentially benefit from MGM's scandal, which could positively impact its stock.
If MGM's chances of winning the casino licenses are compromised, this could open up opportunities for its rivals like Caesars Entertainment, which could positively impact its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Las Vegas Sands Corp could potentially benefit from MGM's scandal, which could positively impact its stock.
If MGM's chances of winning the casino licenses are compromised, this could open up opportunities for its rivals like Las Vegas Sands Corp, which could positively impact its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Wynn Resorts Limited could potentially benefit from MGM's scandal, which could positively impact its stock.
If MGM's chances of winning the casino licenses are compromised, this could open up opportunities for its rivals like Wynn Resorts Limited, which could positively impact its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
MGM Resorts International's chances of winning casino licenses in NYC have been complicated by a scandal, potentially impacting its stock negatively.
The scandal involving the former head of the MGM Grand casino could potentially harm MGM's reputation and its chances of winning the casino licenses, which could negatively impact its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100