Nothing is ever that simple is it.

Sure, your right about one to many Pappas brothers on the payroll but it isnt the biggest problem at the moment. Kind of hard to argue with the largest shareholders...so lets dont spit in the wind at the moment.

Five years ago this company had 100 million in debt, so its had its ups and downs. The Pappas's have done some things right.

You mentioned food value and that does seem to be what is the drive right now. Defend the brand. It appears a couple of years ago the goal was to "upscale" the chain, to drive sales and margins. I cant complain about mgm having a vision, putting their money on the line, and trying to implement it.

However, those visions met the economic and financial nightmares of 2008-2xxx. While cheap money might be inflating financial assets, 10-20% unemployment is driving restaurant sales down and a company with CRE as its rock isnt able to move quickly to monetize that asset at a fair price or in a timely manner.

So while mgm can work on defending sales we already know that company sales have been delevered with the upcoming store closings and mgm's proclamation that only an uptick in consumer confidence (higher employment) will really drive sales. They can do some little things which can add up over time but in the short term they are going to take some lumps.

As for the stock price, unless there is a an outright sale or the Pappas brothers up their stake the trend should continue to be down for a while.