Churchill Downs just put nine regional casinos on the block, including a $290 million property that opened 26 months ago. The implied valuation gap between what they built and what they'll likely sell for tells you everything about where regional gaming capital is flowing next.
Monarch Casino just posted a 20% net income jump and a 23.6% EPS beat on two regional gaming properties with no outstanding debt. For every REIT asset manager benchmarking portfolio efficiency, this is the comp that should keep you up tonight.
People Inc.'s $18 billion bid for MGM Resorts prices the company at a 24% premium to its 30-day average, but shares immediately traded above the offer, and now a wave of shareholder investigations is asking the question the board should have anticipated from day one.
Diller's People Inc. bid values MGM at $18 billion while insiders are already heading for the exits. When the stock trades above your offer price and an analyst downgrades you to Hold because the deal math doesn't pencil, that's the market telling you something you should already know.
Stifel raised Penn's price target to $25, arguing that the Caesars and MGM takeover bids have created a valuation floor for the largest regional casino operator in America. For the thousands of hotel and F&B employees inside Penn's 43 properties, the real question isn't the stock price... it's what happens to operations when Wall Street starts shopping your company.
Barry Diller's People Inc. wants to buy the rest of MGM Resorts at a $18.8 billion valuation, but the stock closed above the offer price on day one, which tells you everything about where this negotiation is actually headed.
Stifel's reiterated Buy on Host Hotels looks straightforward until you decompose the Q1 beat and ask what the 8% dividend yield is actually pricing in. The answer should make REIT investors uncomfortable.
Barry Diller's People Inc. offered $18 billion for MGM Resorts, but the market immediately priced the stock past the bid, which tells you everything about what Wall Street thinks this offer is actually worth.
Las Vegas Sands crushed Q1 expectations with $3.59 billion in revenue and $1.42 billion in property EBITDA, then immediately plowed $740 million into buybacks while pouring capital into Singapore and Macau upgrades. For hotel tech vendors watching the integrated resort space, the question isn't whether LVS is winning... it's whether their infrastructure investments are building something the rest of the industry should be studying or something nobody else can replicate.
Wynn resumed construction on its $5.1 billion Al Marjan Island casino after a brief pause for Iranian drone strikes, and analysts shrugged it off as "overblown." The 40% equity stake, 15-year exclusive license, and $3.3M per-key price tag tell a more complicated story about what this project needs to return.
Pebblebrook's 43% run-up has momentum investors calling it cheap, but a negative P/E ratio, $2.5 billion in debt, and a dividend yield of 0.29% tell a more complicated story than any stock screener will surface.
Morgan Stanley just raised its price target for Pebblebrook Hotel Trust to $10 while maintaining an Underweight rating, which sounds like good news until you realize the stock is already trading 36% above that target. For the operators actually running PEB's 46 upper upscale hotels, the analyst math tells a story about what Wall Street really thinks of urban luxury exposure right now.
Pebblebrook Hotel Trust has spent $20 million on ESG initiatives since 2016 while paying shareholders a penny per share per quarter. The gap between those two numbers is the entire story of where this REIT's capital priorities actually sit.
Citigroup just bumped Host Hotels' price target to $22, and three other analysts followed the same direction in the same month. The interesting number isn't $22... it's what $13B in market cap plus $5B in debt tells you about where Wall Street thinks luxury hotel yields are heading.
