Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Casino operator MGM Resorts International (NYSE: MGM) saw its shares drop 10% in early trading after it announced the details of its secondary offering.

So what: The previously announced 40.9 million-share offering was priced at $12.65 per share, representing a 7% discount to yesterday's close of $13.61. Naturally, Mr. Market is worried that the sale could be highly dilutive to MGM's long-term value.  

Now what: Just when MGM investors were starting to see signs of a Las Vegas rebound, the below-market offering serves as a cold reminder of the company's still-shaky financial position. With MGM's $13 billion debt load and still no guarantee for a consumer turnaround, less-levered, more Macau-exposed casinos Las Vegas Sands (NYSE: LVS), Wynn (NYSE: WYNN), and Melco Crown (Nasdaq: MPEL) remain safer bets for most investors. For those who crave volatility, though, today's plunge in MGM certainly gives you better odds on that Sin City recovery bet.

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