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.

Interested in more info on MGM? Add it to your watchlist by clicking here.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Melco Crown is a Motley Fool Global Gains pick. Try any of our Foolish newsletter services free for 30 days.

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