MGM has fallen to about $28–29 from its $45–48 acquisition price after the September deal fell through, with financing costs burdensome and consumer-spending stocks weak; it still generates strong free cash flow, has a Japan casino development and online gambling exposure via MGM House.

So, in our Value Options letter that we just released, we floated the idea of trading around MGM. MGM was acquired by PeopleZink, a Barry Dealer company. They are the largest contributor.

They own about 27%, and I don't remember if the price was $45 or $48. The acquisition price for MGM was somewhere between $45 and $ 48. I had owned MGM in the past, and sold it at that acquisition because I thought it was, you know , fairly priced and there was some risk.

You never know the organizational environment there.

Hmm, prices have gone up, so I think the costs of financing the acquisition have probably become a bit burdensome. Then add to that, Toby, the real misery in consumer spending stocks.

I mean, if you look at all of them. I mean, this stock is trading at around 28 and something right now. So you had it...and all of this happened in September. The deal fell through in September and the stock has dropped all the way to...it's at 29, 28.

MGM generates a lot of free cash flow, and they have...you know, Macau was a little low . They also have an upcoming development project in Japan. I think it will be the first casino ever in Japan.

I may be wrong about that , but it's probably the first of its kind of this size or something like that.

So yes, that is one of the things you look at and say : Yes, artificial intelligence has an impact on that, and the spread of online gambling as well. MGM is involved in this through MGM House and they have another internet group .