Quote of the Day

“In its simplest form, MGM bought $102 mm of EBITDA for ~$900 mm and sold $100 mm of EBITDA for $1.175 [billion]. Thus, simplistically, MGM’s share of Borgata EBITDA remains effectively the same, MGM takes over day to day management of the property, and MGM receives, in a sense, $275 mm of additional cash.” — Deutsche Bank analyst Carlo Santarelli, breaking down the Borgata purchase, which cost MGM a very reasonable 9X cash flow.