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MGM Resorts International stock price
MGM Resorts International latest news:
MGM Resorts to buy back 10 million shares at a 1% discount from largest shareholder
MGM Resorts International said Tuesday it will buy back 10 million of its shares from Tracinda Corp., the hotel and casino operator's largest shareholder, at price of $32.75 a share. That price represents a 1.0% discount to Monday's closing price of $33.08. The total amount spent is $327.5 million. After the buyback, Tracinda will own 47.1 million shares, or 8.3% of the shares outstanding, which would keep the investment company as MGM's largest shareholder, according to FactSet data. "We believe today's announcement represents a prudent and efficient way of buying back a considerable amount of our stock at an attractive price," said MGM Resorts Chief Executive Jim Murren. The stock, which tacked on 0.4% in premarket trade, has climbed 4.7% over the past three months through Monday, while the S&P 500 has gained 2.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-MGM Resorts and MGM Growth Properties announce transaction on MGM National Harbor casino resort
MGM Growth Properties LLC(MGP). * MGM Resorts International(MGM) and MGM Growth Properties LLC (MGP) announce transaction on MGM National Harbor casino resort.
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