We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
MGM Resorts (MGM) Withdraws $1.25-Million Share Buyback Plan
Read MoreHide Full Article
The world economy is grappling with the spread of the novel coronavirus. The U.S. gaming industry is witnessing unforeseen and unprecedented market volatility. Due to COVID-19 distress, MGM Resorts International (MGM - Free Report) announced the termination of its previously announced modified Dutch auction tender offer.
As a result of this termination, the company withdrew the purchase of $1,250,000,000 issued and outstanding shares of its common stock. Following this termination, no shares will be purchased in the tender offer, and all shares previously tendered and not withdrawn will be returned to tendering holders.
Chairman and CEO of MGM Resorts, Jim Murren said “As a result of the unforeseen and unprecedented volatility in the financial markets due to coronavirus, and the resulting impact on our ability to determine and maintain an offering price range, we have decided to terminate the tender offer,”
Coronavirus to Hurt Results
Near-term prospects of the company are likely to get affected due to increased cancellations in hotel and convention bookings in Las Vegas, particularly during the months of March and April. Also, MGM China continues to be impacted by low visitation, following the 15-day closure of its Macau properties.
Moreover, the company has withdrawn 2020 outlook due to the coronavirus outbreak and market-wide weakness in Far East baccarat in Las Vegas. So far this year, shares of the company have declined 51.2%, the industry has decreased 41.9%, while the S&P 500 has plummeted 18.8%.
Zacks Rank
MGM, which share space with Boyd Gaming Corp. (BYD - Free Report) , Las Vegas Sands Corp. (LVS - Free Report) and Penn National Gaming, Inc. (PENN - Free Report) in the industry, currently carries a Zacks Rank #4 (Sell).
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Image: Bigstock
MGM Resorts (MGM) Withdraws $1.25-Million Share Buyback Plan
The world economy is grappling with the spread of the novel coronavirus. The U.S. gaming industry is witnessing unforeseen and unprecedented market volatility. Due to COVID-19 distress, MGM Resorts International (MGM - Free Report) announced the termination of its previously announced modified Dutch auction tender offer.
As a result of this termination, the company withdrew the purchase of $1,250,000,000 issued and outstanding shares of its common stock. Following this termination, no shares will be purchased in the tender offer, and all shares previously tendered and not withdrawn will be returned to tendering holders.
Chairman and CEO of MGM Resorts, Jim Murren said “As a result of the unforeseen and unprecedented volatility in the financial markets due to coronavirus, and the resulting impact on our ability to determine and maintain an offering price range, we have decided to terminate the tender offer,”
Coronavirus to Hurt Results
Near-term prospects of the company are likely to get affected due to increased cancellations in hotel and convention bookings in Las Vegas, particularly during the months of March and April. Also, MGM China continues to be impacted by low visitation, following the 15-day closure of its Macau properties.
Moreover, the company has withdrawn 2020 outlook due to the coronavirus outbreak and market-wide weakness in Far East baccarat in Las Vegas. So far this year, shares of the company have declined 51.2%, the industry has decreased 41.9%, while the S&P 500 has plummeted 18.8%.
Zacks Rank
MGM, which share space with Boyd Gaming Corp. (BYD - Free Report) , Las Vegas Sands Corp. (LVS - Free Report) and Penn National Gaming, Inc. (PENN - Free Report) in the industry, currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Top 10 Stocks for 2020
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2020 today >>