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MGM Resort's T-Mobile Arena to Open with Killers Concert

MGM Resorts International’s MGM $350 million T-Mobile arena opens today. The arena is located in The Park, an outdoor dining and entertainment community, which MGM Resorts unveiled earlier in the week.

The Park is situated between New York-New York and Monte Carlo resorts. The property is designed to serve as a place for social gathering.

The Killers, a popular rock band from Las Vegas, NV is going to perform at the T-Mobile arena on the day of its launch. The performance will be covered by AEG Live.

The arena will host major events like UFC, boxing, hockey, basketball and bull riding to high-profile award shows and top concerts. This would draw more people to Las Vegas.

The company believes that events hold the key to increasing visitation and profitability, as was seen during the weekend of the Floyd Mayweather and Manny Pacquiao fight at MGM Grand in May 2015, where the company witnessed the highest RevPAR ever.

It expects this facility to significantly contribute to its revenues. With more concerts and events coming up, the company expects traffic to the region to increase.MGM Resorts’ Las Vegas business is expected to continue to grow over the long-term, driven by a strong convention calendar and the completion of several capital initiatives on the Strip.

Las Vegas seems to be well positioned given an improving economic scenario. Though tourism in the region has not yet reached the pre-recession level, it is on its way to recovery. In fact, the number of visits to the region has been increasing every year.

MGM Resorts currently has a Zacks Rank #3 (Hold).

Stocks to Consider

Some better-ranked stocks include Boyd Gaming Corporation BYD and Monarch Casino & Resort Inc. MCRI, both sporting a Zacks Rank #1 (Strong Buy) and Las Vegas Sands Corp. LVS carrying a Zacks Rank #2 (Buy).

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MGM RESORTS INT (MGM): Free Stock Analysis Report
 
LAS VEGAS SANDS (LVS): Free Stock Analysis Report
 
BOYD GAMING CP (BYD): Free Stock Analysis Report
 
MONARCH CASINO (MCRI): Free Stock Analysis Report
 
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