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  • It is increasing the size of a planned corporate bond sale to $850 million

    The largest operator of casino resorts on the Las Vegas Strip is selling bonds “in aggregate principal amount of 6.125% senior notes due 2029 at par.” That transaction is expected to close on September 17. MGM will use some of the proceeds to pay an issue that comes due in 2025. The Company intends to use the net proceeds from the offering of the notes to (i) repay indebtedness, including its outstanding 5.750% senior notes due 2025, and (ii) pay transaction-related fees and expenses, with the remainder for general corporate purposes,” according to a statement. “Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.” As is the case with many of its peers, Las Vegas-based MGM sports junk credit ratings, but in the case of the Bellagio operator, it has one of the strongest balance sheets in the industry. The company had $2.41 billion in cash and cash equivalents as of the end of the second quarter. MGM Bonds Not Highly Risky S&P Global Ratings rated MGM’s latest bond sale “BB-,” noting there would be a high recovery percentage in the event of a default. The ratings agency used a model to run various default scenarios, but didn’t say the gaming company is a candidate to default on its debt obligations. “We assigned our ‘BB-‘ issue-level rating and ‘2’ recovery rating to the company’s proposed $675 million senior unsecured notes due 2029. The ‘2’ recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery for noteholders in the event of a default. This is in line with our issue-level and recovery rating on MGM’s existing unsecured debt,” observed the research firm. Buyers of corporate bonds typically focus on credit and default risks, which are amplified when evaluating junk-rated debt. The new MGM bonds fit that bill. As such, issuers of noninvestment-grade corporates must sell those bonds with higher interest rates than higher quality equivalents to compensate bondholders for the elevated risk. The current 30-day SEC yield on the widely followed Markit iBoxx USD Liquid High Yield Index is 6.96%. More than 52% of the bonds in that index carry one of the three “BB” grades — the spectrum in which S&P rates MGM’s newest debt sale. Eliminating 2025 Bonds is a Smart Move by MGM Using the newest issue to take care of some of its debt maturing in 2025 could prove to be a shrewd move by MGM. Before the news of the MGM bond sale, Deutsche Bank estimated the gaming company had $1.175 billion in debt at a blended interest rate of 5.5% maturing next year. The bank estimated that in the second quarter, the Aria operator paid $41.6 million in interest expense related to variable rate debt — a figure that could decline by $8.7 million if interest rates decline by 150 basis points. The Federal Reserve is expected to trim rates this month, perhaps by as much as 50 basis points. Highlighting MGM’s strong positioning on the Las Vegas Strip, free cash flow capabilities, and share repurchases, some analysts are bullish on the operator’s corporate debt.

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  • “Risk-free” and “no-chance” gaming machines that have recently popped up in many small businesses.

    Coleman’s legal guidance said the General Assembly’s ban on skill games passed in 2023 and signed into law by Gov. Andy Beshear (D) that March applies to no-chance games. The law is clear — gray machines and other games like them are illegal gambling devices that have no place in Kentucky,” said Coleman. “Along with our law enforcement and prosecutorial partners across Kentucky, we will uphold the law as passed by our Commonwealth’s policymakers in the General Assembly.” Coleman’s office estimates that more than 500 risk-free gaming machines are operating unlawfully in Kentucky. The games are commonly found in restaurants and bars, convenience stores, and gas stations. No Dice for New Games Before the Kentucky General Assembly passed House Bill 594, skill games proliferated in the Bluegrass State. Leading manufacturers Pace-O-Matic and Prominent Technologies argued that their games’ skill component, which typically involved the player identifying a winning payline by tapping on the corresponding symbols unlike a traditional slot machine that does that automatically for the player, disqualified the games as gambling apparatuses. HB 594 expanded the state’s definition of a slot machine to include games that are “partially or predominantly based on skill.” Pace-O-Matic and Prominent challenged the law on various allegations but lost in court. The two companies removed their games from their many partnered businesses, but Prominent returned with so-called risk-free games. The machines began appearing in businesses in early 2024. Risk-free and no-chance games include no elements of skill, and, according to Prominent, no element of chance. The games tell the player whether the next spin will win or lose before making a bet. Players continue to play to reach the next play that does win. Coleman says these games are also illegal under HB 594. “You and your office are free to investigate and prosecute any violations of the Commonwealth’s gambling laws, including the laws related to gray machines. We are prepared to provide whatever assistance your office may need if your investigation or prosecution of illegal gray machines is challenged in court or results in additional constitutional challenges to the law or litigation against your office,” Coleman told state and county prosecutors. Coleman opined that risk-free games “lure” in players by enticing them to continue betting in hopes of reaching a win. This hope that the subsequent gameplay will be a winner is the ‘element of chance’ that makes these so-called ‘Risk-Free’ games illegal gambling devices,” Coleman concluded. “There is no safe harbor in Kentucky’s gambling laws for this kind of game.” HB 594 provides for a fine of up to $25K per machine that remains operational in violation of the skill game ban. Kentucky Tough on Unregulated Gaming Kentucky doesn’t have commercial or tribal casinos but does allow its horse racetracks and parimutuel facilities to operate slot-like historical horse racing (HHR) machines. The games calculate whether a spin wins or loses based on a previously run horse race instead of a random number generator. Kentucky is also home to retail sports betting at horse racetracks and parimutuel wagering facilities, plus online sportsbooks. Churchill Downs, which operates more HHR devices in Kentucky than any other company, lobbied heavily for the skill game ban to protect its parimutuel wagering operations.

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  • $10 million for its football stadium renovation project.

    Ira Lubert won the rights to a Category 4 casino license on Sept. 2, 2020, when he was the high bidder during an auction round conducted by the Pennsylvania Gaming Control Board (PGCB). Lubert submitted a bid of $10,000,101 that narrowly edged Baltimore-based Cordish Companies. This week, Lubert, a 1973 Penn State graduate whose real estate firm, Lubert-Adler, has a deep portfolio in office, industrial, residential, retail, and hospitality across the nation, announced a $10 million gift to the Beaver Stadium Revitalization. The donation will result in the Lubert Family Welcome Center, a new “landmark space” at one of the stadium’s entrances. The renovation project is to be completed in 2027. Coming to Penn State set me on a path that has led to professional success and personal fulfillment, and I am honored that the Lubert Family Welcome Center will offer a fresh, exciting first impression for future Penn Staters as they discover all that the university offers,” Lubert said. The Penn State Board of Trustees approved a $700 million renovation of Beaver Stadium in May. While most of the investment will be financed and no tuition money will be used, private donors continue to help reduce the amount of interest the school will pay by lessening the principal. With Lubert’s contribution, the renovation has now received $55 million in donations. Nearby Casino Saga The renovation of Beaver Stadium has faced significant scrutiny as the $700 million project comes as the school continues to try and reduce its costs by offering some employees buyout packages. Another high-profile controversy in Centre County is Lubert’s plan to open a casino. After winning the September 2020 auction, Lubert announced a partnership with Bally’s Corp. to invest $123 million to renovate the former Macy’s department store at the Nittany Mall into a so-called mini-casino with up to 750 slot machines and an initial allotment of 30 live dealer table games, plus a sportsbook. The mall is less than five miles from the PSU Main Campus and Beaver Stadium. Cordish raised allegations in litigation that Lubert violated bidding protocols by orchestrating an investment group that helped him fund the $10 million bid. Lubert’s investors, who were detailed later, were not eligible to bid since they didn’t hold “an ownership interest in a slot machine license” as Lubert did with his 3% stake in Rivers Casino Pittsburgh. Cordish argued it should have been the only qualified bid that September, but the case, which made its way to the Pennsylvania Supreme Court, came down in Lubert’s favor. The state’s highest court in July upheld lower courts’ rulings in deciding that Lubert, while he might have organized an investment group to build the casino, had retained 100% control of SC Gaming OpCo, the entity he bid as, during the auction and subsequent remission of the $10 million fee. PSU Steers Clear of Casino Controversy After years of legal delays, Bally’s, which will operate the State College casino, told investors during its second-quarter earnings call that construction at the Nittany Mall is targeted for the first half of 2025. Marcus Glover, the chief financial officer of Bally’s, said the company and Lubert’s team are “going through the process and obtaining the appropriate approvals.” In July, Bally’s accepted a takeover from Soo Kim’s Standard General hedge fund. Bally’s has recently faced several credit downgrades, concerns about its financial outlook, and worries that the company could be overleveraged. Many in the State College community remain opposed to the casino. Despite widespread opposition and thousands of local residents expressing disdain for a casino coming so close to where roughly 50,000 students study, the Penn State Board of Trustees refrained from taking a public position on the project. Since the College Township Council failed to opt out of being considered for a Cat. 4 casino, there is seemingly little recourse to block the Bally’s Pennsylvania casino. Kim has remained quiet about what Bally’s future might look like once he takes full control. Under Standard General, Bally’s is expected to direct much of its focus on its $2 billion Bally’s Chicago undertaking, and possibly, a new resort in Las Vegas. That could prompt the company to fold on smaller regional operations like the one coming to State College.

  • Will Lee Jung-hoo and Lee Jung-hoo work together? The U.S. media predicted

    Will Kim Ha-sung (29, San Diego Padres) and Lee Jung-hoo (26, San Francisco Giants) be able to share the same team again? The U.S. media is constantly pushing rumors that Kim Ha-sung will be transferred. The San Francisco Chronicle claimed on the 7th (Korea Standard Time), "It would be ideal to bring San Diego's Kim Ha-sung from the San Francisco shortstop position." As of Tuesday, San Francisco is ranking fourth in the National League West with 69 wins and 73 losses. It is 15.5 games behind the Los Angeles Dodgers, which ranks first, and is virtually over the moon to win the district championship, and 8.5 games ahead of the wild card qualification, making it difficult to advance to the postseason. Ahead of the upcoming season, the San Francisco Giants are seeking the presidential election by recruiting Lee Jung-hoo, Matt Chapman, Jorge Soler, and Blake Snell. However, the team failed to stage a showdown due to the increasing number of injuries, and eventually ended up giving up the season by sending out Soler and others through trade. San Francisco is struggling with its resources despite tough times, including second-year shortstop Tyler Fitzgerald. As of Tuesday, he has a batting average of 0.296 with 14 homers, 30 RBIs, 45 runs and 17 steals in 79 games. He has been gaining a chance since the second half of the year and has been establishing himself. The media said that Fitzgerald plays shortstop and is in charge of the left side of the infield. Still, he insisted that Fitzgerald should practice playing on the right side of the infield. "If we bring in an FA, we can send Fitzgerald to second base, especially if we bring in San Diego's Kim Ha-sung." Kim Ha-sung has played in 122 games this season with a batting average of 0.233, 11 homers, 22 steals, and an OPS of 0.700. He moved to second base last year after being pushed back by veteran Xander Bogaerts and returned to shortstop for the first time in a year, but he remained firmly in position by playing 1,046 ⅔ innings despite his prolonged absence. Last year, he also stood out in batting performance. In the 2023 season, Kim Ha-sung played 152 games with a batting average of 0.260 with 17 home runs, 60 RBIs and 38 steals, with an OPS of 0.749. He became the first Korean to steal 30 bases in the Major League, and also challenged 20-20. The Gold Glove in the utility category of the National League was a bonus. As a result, several teams sought to recruit through trade, but San Francisco was consistently nominated. Andrew Baggley, a San Francisco reporter for sports media The Athletic, said late last year, "It is difficult to predict now which position San Francisco needs the most a year later," but added, "I expect there will be supporters who support Kim Ha-sung in San Francisco." Even ahead of the trade deadline at the end of July, MLB.com insisted on the need to recruit second basemen and shortstop, but Kim Ha-sung is the perfect fit. Kim Ha-sung shared a relationship with Lee Jung-hoo from 2017 to 2020 with the Nexen-Kium Heroes, and since then, he has maintained a close relationship. On top of that, San Francisco coach Bob Melvin used Kim Ha-sung as the main shortstop in San Diego in 2022, and he gave many opportunities last year to create Kim Ha-sung's career high season. In many ways, Kim Ha-sung and San Diego are the perfect fit for each other.

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