MGM Grand Hotel and Casino Symbol MGG Message Board

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Non-Tech : MGM Grand Hotel and Casino Symbol MGG

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To: Randy Atkins who wrote (13)	7/21/1997 10:08:00 PM
From: Randy Atkins	of 96

News item from Oppenheimer & Co.'s gaming and lodging conference held last month: "MGM, host resort for the conference, unveiled an upgraded expansion program for its Strip resort and described more than $2 billion in capital spending planned for Atlantic City, Detroit and South Africa, all designed to result in free cash flow of $1.5 billion to $2 billion annually by the year 2001." "Some gaming executives complained that Wall Street still doesn't afford gaming the same respect other industries get. Top casino operators can achieve higher returns on billion-dollar investments than other industries, they noted." "MGM Grand Inc. President Alex Yemenidjian hinted at one possible response." "If the stock market doesn't reward our shareholders, we'll do it ourselves," he said, implying some of the $2 billion in annual cash flow the company expects to generate within five years could be used for dividends rather than capital spending." --Randy

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