How To Play A 'Hot' MGM Mirage: Analyst

MGM Mirage shares have risen more than 250 percent since hitting their March low, but David Katz, gaming, lodging and leisure analyst with Oppenheimer said that it's too soon to say whether the stock will keep rising.

"They've done a masterful job of getting from the brink, from that code red financial position, to one that is stable," Katz said. "But I would not say that they're out of the woods yet."

MGM Mirage owns half of a large new property that is set to open on the Las Vegas strip, but since it has outright ownership of more than half of the strip, Oppenheimer isn't sure whether the new hotel/casino will result in a net gain or loss.

"They'll certainly bring some new people to the market, they'll take from competitors, but they are going to cannibalize some of their own portfolio," Katz said. "It really centers around whether or not they're going to be able to yield manage their other properties on the Las Vegas strip in conjunction with that very large opening."

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MGM Mirage is an investment banking client of Oppenheimer