When can Americans go back to concerts and travel? Soon, Wall Street is betting
Wall Street is growing increasingly convinced that Americans will soon be eager to attend concerts, shop in malls, travel and engage in other once-typical activities that have been all but snuffed out during the coronavirus pandemic. The stock price of concert company Live Nation, for instance, hit an all-time high of just over $90 earlier this month. Wall Street analysts who follow the company predict its sales from putting on concerts and processing ticket sales will reach $2.4 billion this summer. Speaking to Wall Street analysts in February, Live Nation CEO Michael Rapino said he expects the concert business to come back strong this summer. The question is whether Wall Street and investors are jumping the economic gun.cbsnews.com
In a week of layoffs in the US, MGM Resorts adds 18,000 more
MGM Resorts is laying off 18,000 people as an unchecked pandemic leaves economic scars across a broad swath of U.S. industries, particularly those that rely on healthy crowds of people. The layoffs at MGM, which amount to about a quarter of its U.S staff of about 70,000, caps a wave of job cuts and buyouts this week across a broad array of industries. Ultimately, the recovery in the economy and the job market will depend on a medical solution to the coronavirus. Employers cut more than 22 million jobs in March and April as the outbreak brought normal business to a screeching halt. As economies slowly reopened, the economy generated than 9 million jobs in May, June and July.
Fewer games, more plexiglass and no smoking -- a look inside MGM Grand Detroit
According to MGM Midwest COO and President David Tsai, only 40 percent of slot machines will be left running. All of it is costing MGM, and by way of tax dollars, the City of Detroit and the state, millions of dollars. Tsai, who has been with MGM for 13 years said he oversaw the reopening of other casinos in Ohio just last week. He saidWe have Detroit residents currently going to Michigan tribal casinos or casinos in Ohio and Indiana that dont have the level of requirements that we have, he said. The hotel will not be ready to open whenever the casino is allowed to open its doors.
AP sources: IMG Academy, MGM top WNBA list of sites to play
The people spoke to The Associated Press on condition of anonymity because the possible locations havent been publicly announced. WNBA Commissioner Cathy Engelbert told the AP last month that the league was considering a handful of scenarios that included playing at one or two sites. Engelbert told the AP once again on Tuesday that the league has talked about a number of options, but declined to confirm whether IMG Academy or MGM topped the list of possible destinations. IMG Academy is in Bradenton, Florida about 100 miles from Disney World near Orlando where the NBA is negotiating to restart its season in July. The commissioner did confirm one of many topics of discussion with the union: Players were paid Monday and will receive another check in a couple of weeks.
MGM Resorts to re-open its Las Vegas casinos on June 4
(Reuters) - MGM Resorts said on Wednesday it would re-open its Las Vegas casinos on June 4 after months of closure due to public health restrictions aimed at curbing the spread of the novel coronavirus. FILE PHOTO: Jul 31, 2019; Orlando, FL, USA; MGM Resorts signage is seen at the Fan Zone before the 2019 MLS All Star Game at Exploria Stadium. MGM Grand said it would re-open four properties in Las Vegas - the Bellagio, New York-New York, the MGM Grand Las Vegas and The Signature. While MGM did not specify where such barriers will be used, casinos have said they may use them at check-in counters and in front of card dealers. Employees will be required to wear masks, and guests will be strongly encouraged to do so, the company said.feeds.reuters.com
Stocks making the biggest moves midday: Penn National Gaming, Red Robin, Starbucks, Domino's & more
Red Robin, Starbucks, Chipotle, Papa John's, Domino's Stock of select restaurant companies spiked on Thursday as investors continued to reward companies that can tailor services to consumers stuck at home due to the spread of the novel coronavirus. Red Robin soared 36.8%, Starbucks jumped 6.4%, Chipotle rose 9.9%, Papa John's climbed 20% and Domino's rallied 8.8%. Companies like pizza-maker Domino's are seeing a surge in demand for their food and delivery services as Americans order food and beverages from home. Noble Energy, Apache, Williams, Schlumberger Energy stocks rose broadly, boosted by a massive surge in oil prices. Dish Network, Vonage, Comcast and AT&T Communications stocks largely rallied as Dish Network, Vonage and Comcast rose 21%, 17% and 6%, respectively.cnbc.com
Coronavirus updates: Death toll surges, schools close and a warning - CDC says no large gatherings for 8 weeks
There were slivers of light in the darkness - U.S. health officials on Sunday pledged to ramp up testing efforts by the tens of thousands. Roughly 2,000 labs are expected to come online across the nation in the coming weeks, and they will be able to process both drive-thru and walk up coronavirus tests quickly. On Sunday, leaders of the federal coronavirus task force did not rule out some adjustments to domestic travel. Public health officials say it will take a year to 18 months to fully validate any potential vaccine. Admiral Brett P. Giroir, assistant secretary of health at the Department of Health and Human Services, said gear and federal health care workers would being shipping out Monday.monroenews.com
Coronavirus updates: Govs in NY, NJ, Conn. close bars as strict virus control measures sweep nation; stocks crash, schools close
There were slivers of light in the darkness U.S. health officials on Sunday pledged to ramp up testing efforts by the tens of thousands. In an attempt to slow the virus, more than 30 states ordered the shuttering of all schools. On Sunday, leaders of the federal coronavirus task force did not rule out some adjustments to domestic travel. Public health officials say it will take a year to 18 months to fully validate any potential vaccine. Admiral Brett P. Giroir, assistant secretary of health at the Department of Health and Human Services, said gear and federal health care workers would being shipping out Monday.monroenews.com
Stocks making the biggest moves in the premarket: ViacomCBS, E-Trade, Zillow, IMAX & more
Revenue was also below Wall Street forecasts, but ViacomCBS said the quarter was transitional and that the combination will cut expenses by more than expected. Norwegian Cruise Line (NCLH) The cruise line operator beat estimates by 3 cents a share, with quarterly earnings of 73 cents per share. Revenue beat Wall Street forecasts. IMAX (IMAX) IMAX beat estimates by 4 cents a share, with quarterly earnings of 35 cents per share. The fertilizer producer's revenue beat estimates and predicted a rebound in fertilizer demand this year.cnbc.com
MGM Resorts says it was a victim of a data breach last year
U.S. casino operator MGM Resorts said on Thursday it was the victim of a data breach last year after an earlier report claimed that details of over 10.6 million hotel guests had been compromised. "Last summer, we discovered unauthorized access to a cloud server that contained a limited amount of information for certain previous guests of MGM Resorts", a company spokesman said in an emailed statement. No financial, payment card or password data was involved in the incident and the guests affected were notified, the statement said. Technology website ZDNet reported late on Wednesday that the personal details of more than 10.6 million guests who stayed at MGM Resorts hotels were published on a hacking forum this week. MGM Resorts has upgraded the security of its network to avoid such breaches in the future, the spokesman said, without giving further details.cnbc.com
MGM agrees to pay Las Vegas shooting victims up to $800M
A memorial to the victims of the Las Vegas shooting on the Vegas Strip on Oct. 6, 2017. (CNN) - MGM Resorts International and the victims of the Las Vegas mass shooting reached a landmark settlement worth between $735 million and $800 million, depending on the number of claimants, MGM said in a statement Thursday. It is the worst mass shooting in modern American history. "MGM Resorts is a valued member of the Las Vegas community and this settlement represents good corporate citizenship on their part. According to a regulatory filing released in May, MGM said it could pay as much as $800 million for lawsuits related to the mass shooting.