GM Mirage has also been able to keep hold of assets that in the past have boosted earnings before interest, taxes, depreciation and amortization. MGM Mirage could also capitalize on signs of market stabilization which include more stable occupancy levels and improved margins.
Although Brashear did warn that MGM Mirage's recovery may be slower due to its heavy dependency on Las Vegas. She wrote: "In good times, dependence on Las Vegas has been a source of strength and its mega-destination has out-performed regional markets. In current times, its more of a liability and regional markets are quicker to recover."
Janet Brashear went on to move MGM Mirage from "under perform" to " market perform" and increased the price target from us$ 7 to us$ 9. Shares in the company went up 10 cents to us$ 8.24 in morning trading.
This is good news for the company who own and operate sixteen properties in Nevada, Mississippi and Michigan and own half of four other properties in Nevada, New Jersey, Illinois and Macau.
MGM Mirage is currently in a joint venture with Dubai World constructing the us$ 8.5 billion Citycenter project o the Las Vegas Strip. Citycenter will run along side their numerous other Las Vegas properties which include The Bellagio, The MGM Grand and New York-New York to name a few.