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The Q was decent but the real story is the outlook. A typically optimistic management team was particularly bullish about the Strip prospects.

If you believe MGM management and its positive outlook is sustainable, MGM looks like it’s going higher.  However, the better play might be BYD.  If history holds, then improving Strip results should result in locals LV growth with a lag.  Someone on the sell side has to make that connection.  The BYD analysts only have room for upgrades, the stock is at a 52 week low and cheap on an absolute and relative basis, and cash flow is accelerating – even without the assumption of a LV locals recovery.