MGM Revenue by Property: MGM Macau Is the Leader; MGM Grand is Top in Vegas

The Short Take:

  • MGM Macau had the highest revenue in Q3 for any MGM property at $434M.  MGM Grand had the highest revenue for any domestic property at $340M
  • The best performing MGM resorts in terms of YoY revenue growth were MGM Grand Las Vegas (+9.3%) and MGM National Harbor (+9.0%).  The worst performer was Bellagio (-15.3%)
  • Every domestic resort outside of Las Vegas had positive YoY growth and the MGM Grand is the only domestic resort that had positive YoY Growth

The third quarter MGM quarterly report is out, and one interesting observation is the breakdown of revenue by each of the company’s properties.  The overall winner within the company is the MGM Macau while the domestic property with the highest revenue for the quarter is the MGM Grand Las Vegas.



The two Macau resorts produced over $600 million in revenue for MGM.  The MGM Macau had revenue of over $434.2 million for the third quarter. This is more than double the revenue of the MGM Cotai which rung up sales of over $171.7 million.

In terms of growth, the MGM Macau ran into some headwinds.  Year-over-year growth for the third quarter of 2018, compared to the third quarter of 2017, was in the red.  And substantially so to the tune of -7.8%.  Since the MGM Cotai was not open in the third quarter of 2017, we do not have comparable YoY data.


Las Vegas

The MGM Grand in Las Vegas had the highest revenue and YoY growth rates of any of the company’s domestic resorts.  The $340 million in sales works out to 9.3% growth YoY.  This is the only MGM resort in Las Vegas that had positive YoY growth. The worst performing property in Vegas in terms of growth was Bellagio.  Bellagio’s $322 million in quarterly revenue is a 15.3% decrease compared to the same quarter last year.

Domestic Outside Las Vegas

Borgata in Atlantic City had the highest domestic revenue of any MGM property outside of Las Vegas. Unfortunately, Borgata’s revenue fell 4.4% YoY to $235 million.  MGM National Harbor rang up the highest revenue growth in this category, with YoY growth of 9.0% with Q3 2018 revenue of almost $197 million.  In fact, every domestic non-Las Vegas property had positive YoY growth in the third quarter, with the Beau Rivage growing 8.2% and Gold Strike Tunica increasing by 1.9%.

As you can see by the two charts above, revenue and revenue growth rates were a mixed bag for the MGM properties.  To see more third quarter MGM statistics, check out our articles on Casino Revenue, ADR and RevPAR.

How Much Do Las Vegas Sands’ Gaming Tables Win Per Day?

The Short Take:

  • The Las Vegas casinos owned by Las Vegas Sands won, on average, $3,489 per gaming table per day during the third quarter of 2018
  • Many of the company’s Macau and Singapore casinos had five-figure daily wins per table.  The highest average daily win during the quarter was the Plaza Macao with $16,933 per day per table
  • The company’s domestic casino outside of Vegas, the Sands Bethlehem, saw an average daily win per table of $3,066

Las Vegas Sands (LVS) operates two of the higher-end casinos on the Las Vegas Strip so we were wondering how much each gaming table in their casino wins per day.  Luckily, LVS reports these numbers in the quarterly reports, so we’ve distilled that information and presented it here for you.

The Venetian and Palazzo casinos in Las Vegas are considered one entity when LVS reports its financial information.  In the third quarter of 2018 the average daily amount that the house won per gaming table in these two casinos was $3,489.

That may seem like a lot, and it is a decent amount for a Vegas casino, but when you look at the company’s casinos in Asia you see why Macau, in particular, is the focal point for the company and its investors.  All but one of the company’s five casinos in Macau had an average daily win per table of more than $12,000!  The Plaza Macao and the Venetian Macao had the two highest daily wins per table with $16,933 and $14,975, respectively.

Here’s an overview of all eight LVS casinos to get an idea of how Macau dominates on the metric of daily wins per table:

One of the reasons for these high daily win numbers in Macau is because table games dominate casinos in China.  The casinos do have slot machines, but slots are not nearly as popular as table games.

The Marina Bay Sands, the company’s only casino in Singapore, had a slightly lower average daily win per table (but still much higher than the Vegas casinos) at $9,184.  Slots are much more popular in Singapore than in Macau which plays a role in the lower table wins.

Besides the two casinos on the Las Vegas Strip, LVS currently owns the Sands Bethlehem in Pennsylvania.  The company is in the process of selling that casino, but as of the end third quarter of 2018 when these stats were put together, LVS still owned the casino.  The Sands Bethlehem’s average daily win per gaming table was a bit lower than its Las Vegas cousins, coming in at $3,066 per day per table.

These average daily win stats do fluctuate.  Six of the eights LVS casinos saw the average daily table game win increase year-over-year (YoY) from the third quarter of 2017.  The Sands Macau, for example, saw its daily win increase over 24% YoY. Three other Macau casinos saw YoY wins increase by more than 15%.

Here’s a rundown of the year-over-year growth rate of the average daily win per gaming table for all of the LVS casinos:

As you can see, the Las Vegas casinos also had decent YoY growth in its daily table game wins.  The 9.3% growth rate is solid, but not nearly as profound as some of the company’s Macau casinos.

The two casinos that saw YoY decreases in daily table game wins were the Marina Bay Sands in Singapore and the Sands Bethlehem.  The Singapore casino’s growth rate was -15.2%.  The Sands Bethlehem had the worst YoY growth at -16.0%

Think about these numbers the next time you walk into a casino and see pit after pit of blackjack, crap and roulette tables.  The volume of winnings is amazing!

If you liked this article, be sure to check out our article on the average daily win per day for Las Vegas Sands’ slot machines.

Non-Las Vegas Properties Dominate Casino Revenue at Caesars (CZR)

The Short Take:

  • Casino revenue at CZR was dominated by its U.S. properties outside of Las Vegas.  These casinos generated $789 million in casino revenue versus $249 million for the Vegas casinos
  • Food & Beverage revenue was the highest for CZR’s Las Vegas locations, with $244 million in sales during Q3
  • The $271 million in Rooms revenue at the company’s Las Vegas hotels beat out the Other U.S. hotels outside of the city which saw a combined $124 million in revenue

Caesars Entertainment (CZR) reported that its third quarter 2018 total net revenue was $2.185 billion. In an earlier article, we discussed the breakdown of total revenue by operating sector, such as Casinos, Food & Beverage and Rooms.  Today we’ll look at the geographic breakdown of these operating sectors.

Casino Revenue

CZR casinos generated $1.102 billion in revenue during the third quarter which accounted for 50.4% of the company’s total revenue.  On a regional level, CZR breaks down the Casino revenue into three geographic areas: Las Vegas, Other U.S. which includes U.S. casinos outside of Las Vegas, and All Other.

To the casual observer of CZR it may be surprising to learn that the Las Vegas casino region does not bring in the most Casino revenue for the company.  That distinction belongs to the Other U.S. group with its casinos spread from Atlantic City on the East Coast all the way to California. This Other U.S. group saw Casino revenue of $789 million for the quarter which represents 71.6% of the company-wide Casino revenue.

The Casino revenue at the CZR Las Vegas properties brought in a fraction of the Other U.S. locations. The Las Vegas Casino revenue of $249 million contributed 22.6% of the company’s total Casino revenue.  The All Other group saw Casino revenue of $64 million, or 5.8% of the total revenue.

Food & Beverage Revenue

The second largest revenue segment at CZR is Food & Beverage (F&B) with $408 million in revenue during the quarter, or 18.7% of the company’s total revenue.

In this segment, CZR’s Las Vegas properties dominated, with $244 million in revenue. This equates to 59.8% of the company’s total F&B revenue.  The Other U.S. properties had F&B revenue of $158 million, or 38.7% of revenue for the category.  The All Other group saw $6 million in sales of food and drinks.  This was just 1.5% of the company’s F&B revenue.

Rooms Revenue

Just behind the F&B sector in terms of revenue is the Rooms sector, with $395 million in the third quarter which accounts for 18.1% of CZR total revenue.

Las Vegas also dominates the Rooms revenue.  Its $271 million in third quarter revenue was 68.6% of the total Rooms revenue for the entire company.  The Other U.S. region pulled in $124 million in the Rooms sector, or 31.4% of the sector revenue.  The All Other group does not have Rooms revenue.

This Casino revenue breakdown shows that Las Vegas offers its visitors so much more than gambling. Great hotels, food, bars and clubs make up a large portion of the revenue for the gaming companies that operate in the city, including CZR.  We also see that revenue at properties outside of Las Vegas is dominated by the casinos as opposed to hotels, restaurants and bars since many of these locations are visited by locals for a quick gambling day-trip.

Stay tuned for more coverage of the CZR third quarter report, with more great stats and analysis.

How Much Do Las Vegas Sands Slot Machines Win Per Day?

The Short Take:

  • The Las Vegas Sands casinos located in Las Vegas won an average of $351 per slot machine per day for the house
  • The LVS casinos in Macau generally had lower wins per slot machine per day with the exception of the Plaza Macao which netted a daily win of $491 per machine
  • The standout among the company’s casinos was the Marina Bay Sands.  This casino in Singapore saw an $802 average win per slot machine per day

If you ever walked into a casino and were in awe of the number of slot machines and wondered how much each one wins every day, then you’re in the right place!

We took a look at the slot machine data provided by the Las Vegas Sands (LVS) for the third quarter of 2018, which ended on September 30.  This company owns the Venetian and Palazzo in Las Vegas and the Sands in Bethlehem, PA plus six casinos in Asia.

Domestically, the slot machines in Vegas won $351 per slot machine per day for the house.  You’ll notice on the chart below that this is the third best win rate in the company’s portfolio of casinos.  The Sands Bethlehem’s daily win rate per machine was significantly lower than the Vegas casinos, coming in at an average of $259 for the quarter.

So, you may be asking, is this daily win rate normal, better or worse than usual?  To get an idea, we calculated the year-over-year (YoY) growth rate for the win per slot machine per day for Q3 2018 compared to Q3 2017.

The chart below shows that the Vegas casinos’ daily win rate of $351 was 14.7% higher than the win rate a year earlier when it was $306.  On the other hand, the Sands Bethlehem’s Q3 2018 win rate actually dropped 4.1% compared to Q3 2017 when its win rate was $270.

In Macau the daily slot win per machine are generally lower.  This is mainly because slots are not hugely popular in Macau where LVS runs five casinos.  The one exception in Macau is the super high-end Plaza Macao & Four Seasons which saw the daily win per slot machine come in at $491, which was $150 higher than in Vegas.  Plaza Macao’s daily slot win in Q3 2018 was 29.2% higher than in the same quarter of 2017.

Las Vegas Sands’ casino in Singapore, the Marina Bay Sands, blew away the daily slot wins of all of the other casinos owned by LVS.  The Marina Bay’s daily win per slot machine was an astonishing $802 on average during the quarter.  This was a 20.4% jump from the third quarter of 2017 when the daily win was $666 per machine.

We’ll be taking a look at the average daily win per slot machine for other casinos soon, so be sure to bookmark Ante Research and check back soon!

Overall Revenue at CZR Increased in Q3, but Las Vegas Revenue Saw a Drop

The Short Take:

  • Company-wide net revenue for Q3 2018 came in at $2.185 billion, a 2.9% year-over-year increase
  • Revenue at CZR owned Las Vegas resorts dropped 2.4% YoY while revenue at other U.S. properties increased by 8.4%
  • The largest revenue segment at CZR is Casino, making up 50.4% of total net revenue, followed closely by Food & Beverage and Rooms with 18.7% and 18.1% of total revenue, respectively

When Caesars Entertainment (CZR) issued its third quarter 2018 financial report yesterday it reported that total net revenues increased 2.9% from the same quarter last year, coming in at $2.185 billion.  Today, we’ll look at two different breakdowns of the company’s revenue: by region and by segment.

The first way CZR breaks down net revenue is by geographic region.  The three regions CZR uses are Las Vegas, Other U.S. and All Other.  For the third quarter, the region with the highest revenue was “Other U.S” which makes up all of the domestic casinos outside of Las Vegas. This region had revenue of $1.125 billion.  The Other U.S. revenue contributed 51.5% of the company’s total revenue. Year-over-year, this segment posted a solid 8.4% growth rate compared to Q3 2017.

The Las Vegas region’s revenue was about $200 million less than the Other U.S. region’s.  Las Vegas operations produced $910 million in revenue, or 41.6% of total revenue.  The company’s Las Vegas properties saw negative YoY growth, dropping 2.4% compared to last year.

The smallest regional revenue segment is identified generically as All Other and totaled $150 million for the quarter, or 6.9% of total revenue.  The All Other region’s revenue fell 2.0% year-over-year.

Here’s a look at the revenue breakdown by region:


The second way CZR breaks down revenue is by segment.  The three main segments are Casino, Food & Beverage and Rooms.  As would be expected for a gaming company, the largest revenue segment is Casino.  The $1.102 billion in Q3 revenue represented 50.4% of total revenue.

Food & Beverage is the second largest revenue segment with $408 million.  This segment contributed 18.7% to total company revenue. The Rooms segment was just behind Food & Beverage closing the quarter with revenue of $395 million, or 18.1% of total revenue.

CZR has three other revenue segments outside of the three core segments discussed above.  The Other Revenue segment posted revenue of $213 million for the quarter, or 9.7% of total revenue.  Reimbursed Management Costs and Management Fee are the final two segments, with $51 million and $16 million in revenue, respectively.

Here’s a look at the revenue segments for CZR for Q3 2018:


The CZR earnings day press release is typically bare on other interesting metric data, and the Q3 release was no different.  CZR will be issuing its full 10-Q soon and once that is filed we’ll dig into all of the nuggets that we find.  So, stay tuned and check back here often!

Las Vegas Sands’ Domestic Hotels Post Negative REVPAR, Macau Hotels Mostly Saw Increases

The Short Take:

  • REVPAR at LVS’s Las Vegas hotels decreased by 3.2% year-over-year and its Bethlehem hotel saw a decrease of 1.3%
  • Four of the company’s five Macau hotels saw positive YOY REVPAR growth.  The leader in Macau was the Parisian Macau, which saw REVPAR growth of 14.9%
  • The biggest REVPAR decline was at the Sands Macau which saw a YOY slip of 17.5%

The revenue per available room (REVPAR) stats that Las Vegas Sands (LVS) included in its Q3 2018 earnings press release showed negative REVPAR growth in its United States hotels, but positive growth in most of its hotels in Asia.

There are two charts at the end of this article that display the REVPAR for each LVS hotel along with the year-over-year REVPAR growth rates.  First, we’ll look at some notable REVPAR related data that stuck out to us.

The domestic hotels owned by LVS posted negative REVPAR growth rates in the third quarter of 2018.  In Las Vegas, the combined REVPAR for the Venetian and Palazzo hotels was $213.  This is a 3.2% year-over-year decrease from the Q3 2017 REVPAR of $220.  At the Sands in Bethlehem, PA, the hotel saw a YOY decrease of 1.3% with REVPAR at $156, down $2 from the same quarter last year.

In Macau, four of the five LVS hotels produced positive YOY REVPAR growth.  The best performing was the Parisian Macao, with an annual growth rate of 14.9% and an REVPAR for the quarter of $154.  The Plaza Macao & Four Season has the highest REVPAR among the LVS properties.  The REVPAR during Q3 was $280, which was a 4.1% YOY increase.  The Sands Cotai Central and Venetian Macao both had YOY growth in the upper 10% range and REVPAR of $152 and $219, respectively.

The only LVS property in Macau that saw a decline in REVPAR was the Sands Macau.  This hotel’s Q3 REVPAR of $151 decreased 17.5% from last year.  The Sands Macau also has the distinction of having the lowest REVPAR of any Las Vegas Sands hotel worldwide during the third quarter of 2018.

While the Sands Macau has the lowest REVPAR among the company properties, the Marina Bay Sands has the highest.  This Singapore hotel’s REVPAR is a stunning $455.  This is a 5.3% increase from the Q3 2017 REVPAR of $432.

To recap the LVS REVPAR data for Q3 2018, here are two charts that show the REVPAR per hotel and the YOY REVPAR growth.



Be sure to also check out our article on the average daily rate (ADR) for LVS hotels in Q3.

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ADR for Las Vegas Sands’ Vegas Hotels Drop, Macau Results Mixed

The Short Take:

  • The average daily rate for the LVS Las Vegas hotels was $225 in Q3 2018, a year-over-year drop of 0.9%
  • Three of the Macau hotels owned by LVS had higher ADR than last year, ranging from increases of 5.0% to 10.5%
  • Two Macau hotels saw decreases in YOY ADR, including the Sands Macau which saw its ADR drop by 18.8% compared to last year
  • The Marina Bay Sands in Singapore has the highest ADR of any LVS hotel, coming in last quarter at $466 after increasing 4.3% since last year

When Las Vegas Sands (LVS) reported their third quarter 2018 results, we got details on the average daily rates at its hotels.  Overall, they are a mixed bag.

At the end of this article we’ve included two charts that show each LVS hotel’s Q3 2018 ADR as well as the year-over-year growth of their ADR.  Before we get to that, here are some things that jump out about the ADR for LVS properties.

Domestically, ADR at its two Las Vegas hotels, Venetian and Palazzo, was down 0.9%.  For the third quarter the ADR was $225, down from $227 in the same quarter last year.  These results are better than MGM’s in terms of growth rate.  MGM saw a YOY decrease of 1.9% in ADR at its Vegas hotels.

The LVS owned Bethlehem, PA Sands hotel achieved a positive year-over-year growth rate for ADR, coming in with a 0.6% increase.  The ADR at Sands Bethlehem was $165 this year versus $164 last year.

In Macau, three LVS hotels saw YOY ADR increases and two experienced decreases.  The big winner was the Parisian Macao.  The Q3 ADR of $158 was 10.5% higher than last year.  Sands Cotai Central also saw healthy ADR growth of 8.2% with its latest ADR at $159.    Venetian Macao posted an ADR of $229 which surpassed last year’s by 5.0%.

On the downside in Macau, the Sands Macau’s ADR fell a whopping 18.8%.  Last year the ADR was $191 and this year it dropped to $155, which is the lowest ADR for LVS hotels in Q3 2018.  Plaza Macau and Four Season’s ADR came in at $315 which is the highest ADR for an LVS hotel in Macau even with a 5.4% decrease from last year.

Finally, the Marina Bay Sands in Singapore posted an ADR of $466 in Q3.  This is the highest ADR for any hotel operated by Las Vegas Sands.  Even with these high rates Marina Bay was able to increase its ADR 4.3% year-over-year.

Here are the two charts we promised earlier: ADR by LVS hotel and each hotel’s year-over-year ADR growth rate:


Be sure to bookmark Ante Research and check back every day for more interesting and in-depth coverage of the casino industry!



Breakdown of Penn National Gaming’s Revenue Segments

The Short Take:

  • Total net revenue for Penn National Gaming’s Q3 2018 came in at $789.7 million
  • The company’s largest revenue segment was Gaming, which produced $646.3 million in revenue
  • PENN’s hospitality division which consists of food, beverage and hotels, saw revenue of $138.8 million for the quarter

Earlier today, Penn National Gaming (PENN) announced their third quarter results for the quarter ended September 30, 2018.  Included in the company’s press release were details on each of the company’s main revenue segments.

The company’s largest revenue segment, Gaming, came in at $646.3 million for Q3.  Revenue from its casinos contributed 81.9% of PENN’s $789.7 million total net revenue during the quarter.

PENN’s second largest revenue segment is its hospitality operations which the company calls Food, Beverage, Hotel and Other.  This segment obviously includes the restaurants, bars and hotels at PENN properties.  These hospitality operations contributed 17.6% of total net revenue and totaled $138.8 million for the quarter.

The company’s last two revenue segments contribute significantly less to total revenue than the gaming and hospitality segments.  Reimbursable Management Costs and Management Service & Licensing Fees are just 0.5% and 0.1% of total net revenue, respectively.

The charts below show the Q3 2018 revenue per segment and how much each segment contributes to PENN’s total revenue.


When PENN issues its 10-Q for the third quarter we will have a deeper dive into the company’s key metrics, so check back soon!

REVPAR at MGM’s Las Vegas Hotels Tumbles

The Short Take:

  • REVPAR fell 3.9% at MGM’s Las Vegas Strip hotels when compared to last year, and every single hotel saw a YOY REVPAR decline
  • Three of the company’s higher end hotels in Vegas had better than average YOY change in REVPAR, but they were still negative: Bellagio, MGM Grand and Aria
  • Three MGM Vegas hotels had YOY REVPAR declines south of 6%: Circus Circus, Excalibur and New York New York

Revenue per available room, or REVPAR, declined at every single one of MGM Resorts’ Las Vegas Strip hotels when comparing Q3 2018 to the Q3 2017.  Like the drop in ADR that we discussed in an earlier article, this drop in REVPAR was likely a big factor in the 1.2% revenue decline for the company’s Rooms operating segment.

In the charts at the end of this article you can take a look at both the REVPAR for each MGM Vegas property as well as the year-over-year decline in REVPAR.  But before we get to those charts, we’ll highlight a few of the REVPAR numbers that popped out from MGM’s quarterly press release.

Combined REVPAR at MGM’s Las Vegas Strip hotels was $146 in Q3 2018.  This was a 3.9% decrease from the REVPAR of $152 a year earlier. Multiply this $6 decrease by the hundreds of thousands of guest-nights at the company’s 40,000+ Vegas hotel rooms and this 3.9% drop is significant.

It should be noted that the REVPAR for the Strip includes all of the company’s hotels.  Everything from the top-tier Bellagio to the Circus Circus at the other end of the spectrum.

Three of the MGM’s higher end hotels performed better than average on a YOY REVPAR growth basis. Bellagio’s REVPAR fell just 1.5% compared to last year, from $260 in 2017 to $256 in 2018.  The REVPAR for both the MGM Grand and Aria fell just 1.7%.  The Grand’s REVPAR came in at $170 this year and Aria’s was $228.

On the other hand, several hotels had dramatic drops in REVPAR.  Circus Circus was the worst, with a 12.0% YOY drop to $73.  Excalibur was not as bad, but still disappointing. The medieval themed hotel saw its REVPAR for the quarter at $92, a 7.1% decline.  Finally, the New York New York, which had the biggest decline in ADR for the quarter, saw a 6.3% decline in REVPAR with $135 in 2018 versus $144 in 2017.

As promised, here are the tables with Q3 2018 REVPAR for MGM’s Vegas hotels as well as the year-over-year growth rates.


Check back daily for more in-depth analysis of the casino industry!

ADR at Most MGM Resorts Las Vegas Hotels Tick Down

The Short Take:

  • The average daily rate decreased year-over-year for all but two of MGM’s Las Vegas hotels
  • ADR for the company’s Las Vegas Strip hotels declined 1.9% from $160 last year to $157 this year
  • The worst performing hotel based on the percentage change in YOY ADR was New York-New York which saw its ADR decline this quarter by 6.1%

The average daily rate (ADR) at all but two of MGM’s Las Vegas hotels decreased in the third quarter of 2018 compared to the third quarter of 2017.  The sole exceptions were at the Park MGM, but that is a special circumstance because the property has been under construction during its conversion from the Monte Carlo.  The MGM Grand’s ADR was flat year-over-year.

The drop in ADR is most likely a contributing factor to the 1.2% decrease in the Rooms revenue segment for Q3 2018 which we discussed in an earlier article.

At the end of this article we provide two charts which show the Q3 2018 average daily rate for each of the company’s hotels as well as the year-over-year percentage change in the ADR. In the meantime, we’d like to point out a few of the standout ADR numbers.

Looking at all of the Las Vegas strip hotels combined, the ADR for Q3 was $157.  It’s important to remember that this number includes a wide range of properties, from the high-end Bellagio and Mandalay Bay all the way down to Circus Circus and the Excalibur.

Back in the third quarter of 2017, the company’s Las Vegas strip hotels had an ADR of $160.  While this year’s ADR was just $3 below last year’s, that represents a decrease of 1.9%.  When you take into account that the MGM’s strip hotels account for over 40,000 rooms that small drop in ADR adds up to big money.

The MGM hotel with the largest year-over-year drop in ADR for the quarter on percentage terms was New Your-New York.  NYNY’s ADR fell 6.1%, from $148 last year to $141 this year.  Close behind NYNY was the City Center hotel Vdara which saw its ADR decline from $210 to $199, or a 5.2% YOY slide.

Putting aside the Park MGM due to the construction issue we discussed earlier, the “best” performing hotel on an ADR growth basis was the company’s namesake MGM Grand.  The Grand’s ADR was flat at $181.  Also performing better than average was the Aria which had an ADR this quarter of $248, just a dollar less than the same quarter last year, or a 0.4% drop.

Finally, here are the two charts that show each MGM hotel’s Q3 2018 ADR as well as the year-over-year change:


Stay in the know about MGM casino and hotel developments – bookmark Ante Research and check back daily!