|Day's Range||0.7400 - 0.7400|
MGM Resorts International , the casino and hotel operator, confirmed it suffered a data breach in 2019 with reports saying as many as 10.6 million people were affected. Shares of MGM Resorts fell 0.5% to $31.93 in trading Thursday.
"Last summer, we discovered unauthorized access to a cloud server that contained a limited amount of information for certain previous guests of MGM Resorts", a company spokesman said in an emailed statement. No financial, payment card or password data was involved in the incident and the guests affected were notified, the statement said. Technology website ZDNet reported late on Wednesday that the personal details of more than 10.6 million guests who stayed at MGM Resorts hotels were published on a hacking forum this week.
There are 75,203 confirmed cases of COVID-19, the coronavirus first identified in December in Wuhan, China, and 2,009 deaths, according to the most recent figures from the World Health Organization.
HONG KONG/MACAU Feb 19 (Reuters) - Casinos in Macau, the world's biggest gambling hub, reopen on Thursday after being closed for two weeks because of the coronavirus epidemic, but all punters and croupiers will have to wear a mask at the tables. Casino executives and residents say revenue will remain badly crimped in the Chinese territory's 41 casinos and the businesses dependent on them because of the health restrictions and strict entry regulations on tourists. Macau makes over 80 percent of its revenues from casinos but tourist visits have all but dried up.
MGM Resorts International (the "Company") (NYSE: MGM) announced today that it has commenced cash tender offers (the "Tender Offers") to purchase up to $750,000,000 in aggregate principal amount (the "Aggregate Maximum Tender Amount") of its outstanding 5.750% Senior Notes due 2025 (the "5.750% Notes"), 5.500% Senior Notes due 2027 (the "5.500% Notes") and 4.625% Senior Notes due 2026 (the "4.625% Notes" and, collectively with the 5.750% Notes and the 5.500% Notes, the "Notes"). In addition, the Company will only accept for purchase (i) 5.750% Notes having an aggregate principal amount of up to $325,000,000, (ii) 5.500% Notes having an aggregate principal amount of up to $325,000,000 and (iii) 4.625% Notes having an aggregate principal amount of up to $100,000,000 (each a "Tender Cap" and, collectively, the "Tender Caps"). The Company may increase the Aggregate Maximum Tender Amount or the Tender Caps at any time in its sole discretion.
Microsoft, Tailored Brands, Everi, MGM Resorts International and Churchill Downs highlighted as Zacks Bull and Bear of the Day
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. The...
Macau, the world's biggest gambling hub, will allow casinos to resume operations from Feb. 20, after authorities imposed a two-week suspension to curb spreading of the coronavirus, public broadcaster TDM reported on Monday, citing authorities. The unprecedented halt of gaming operations started on Feb 5 and was due to end on Feb 19. Macau has not reported any new cases of the virus since Feb 4, authorities said.
MGM Resorts International ("MGM Resorts") (NYSE: MGM), MGM Growth Properties LLC ("MGP") (NYSE: MGP) and Blackstone Real Estate Income Trust ("BREIT") today announced the closing of the previously announced transaction for a joint venture formed between MGP and BREIT to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion. In addition, BREIT has purchased approximately 4.9 million MGP Class A shares at a price of $30.67 per share.
Net revenues at MGM Springfield fell by more than $6 million in the fourth quarter of 2019 despite climbing revenues companywide, according to numbers released by the resort casino’s parent company this week.
A consortium led by U.S. entertainment giant MGM Resorts International has been named as the lead bidder for an integrated casino complex in Osaka, the local government said on Friday. Japan is planning to approve the construction of several integrated resorts - Las Vegas-style complexes that include casinos, shopping arcades and conference centres - to boost tourism after the Tokyo Olympics end in August. The government has authorised licences for three resorts and is expected to receive official bids next year from regions vying to build the facilities, potentially including Japan's three largest cities, Tokyo, Yokohama and Osaka.
(Bloomberg) -- MGM Resorts International fell the most in more than two weeks after yanking its forecast and announcing the departure of its longtime chairman and chief executive officer, Jim Murren, bringing fresh upheaval to a company dealing with fallout from the deadly coronavirus.Murren is leaving before his contract expires, but plans to remain on the job until a successor is named, the company said Wednesday. The 58-year-old has held the post since 2008 and has been with MGM since 1998. On a conference call, Murren said he would remain involved in efforts to win a casino license in Japan.“Our growth areas of sports betting, Japan and entertainment have never looked better,” he said. “Our bench of management talent is deep.”Separately, MGM on Wednesday withdrew its earnings forecast for 2020, citing the impact of the virus on its casinos in Macau and Las Vegas. That sent the shares down as much as 6.1% to $31.60 in New York trading Thursday, the biggest intraday drop since Jan. 27. They were up 1.2% this year through Wednesday’s close.The company, fresh off the sale of some of its last remaining real estate, said the virus has made its outlook “unpredictable.” To placate investors, MGM announced a $3 billion share repurchase, including a $1.25 billion tender offer that started Thursday morning, and raised its dividend 15%. The company set the price range of the offer at $29 to $34 a share.Like other casino owners in the Chinese enclave of Macau, MGM Resorts shut its operations there this month under a government order. That’s led to a loss of business -- all while the company has to keep paying staff and maintaining its properties. Last year, MGM got about 27% of its revenue from Macau, the largest gambling market in the world.Even before the coronavirus hit, business in Macau was already hurting because of the political unrest in Hong Kong and trade tensions between the U.S. and China. Gaming revenue in the region fell 8.4% industrywide in the final three months of 2019.Baccarat PlayersLas Vegas, where MGM is the biggest operator, is also taking a hit as fewer Asian baccarat players travel to the U.S. Profits from those customers were about $100 million lower in 2019 than they had been the year before, the company told investors.MGM had previously forecast as much as $3.9 billion in earnings before interest, taxes, depreciation and amortization for 2020. The company spent about $10 million in the fourth quarter on its sports-betting business, which includes a joint venture with GVC Holdings Plc. Profitability in that business may not come until 2025, MGM President Bill Hornbuckle said on the call.The Chinese government closed Macau’s casinos for a 15-day period that began Feb. 5, although Matt Maddox, CEO of rival Wynn Resorts Ltd., told investors last week there’s no certainty as to when they will reopen. Wynn said it is losing about $2.5 million a day in Macau. MGM put its figure at $1.5 million a day.To boost returns, Murren spearheaded MGM Resorts’ “asset light” strategy, by selling its real estate while continuing to operate the properties. Previously announced transactions are expected to bring in net cash proceeds of $8.2 billion, including the still-to-close sale of the MGM Grand hotel in Las Vegas.Kerkorian EraMurren joined the company when it was under the control of founder and billionaire Kirk Kerkorian, who died in 2015, and he was the force behind CityCenter, the massive Las Vegas Strip development that opened in 2009, during the financial crisis. He’s also led the company’s current effort to open a resort in Japan.In January 2019, the company named Keith Meister, the founder of Corvex Management LP, to its board, an acknowledgment that activist investors have been pressuring the hotel-casino operator to boost returns.Murren was also was instrumental in bringing professional sports to Las Vegas. He was involved in the building of T-Mobile Arena and bringing the NHL’s Golden Knights, the WNBA’s Aces and the NFL’s Raiders to the city.An independent board committee is conducting the search for his successor, the company said.Earnings for the fourth quarter of 2019, excluding some items, totaled 8 cents a share, missing the 25-cent average of analysts’ estimates. The company cited weaker-than-expected results in Macau and the related softness in Las Vegas. Revenue, at $3.2 billion, met projections.(A previous version corrected the date when Meister joined the board.)To contact the reporter on this story: Christopher Palmeri in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, Rob Golum, John J. Edwards IIIFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
MGM Resorts International (the "Company" or "MGM") (NYSE: MGM) today announced that it commenced a "modified Dutch Auction" tender offer to purchase up to $1,250,000,000 in aggregate purchase price of its issued and outstanding shares of common stock, par value $0.01 per share (each, a "Share," and collectively, the "Shares"), or such lesser aggregate purchase price of Shares as are properly tendered and not properly withdrawn, at a price not greater than $34.00 nor less than $29.00 per Share to the seller in cash, less any applicable withholding taxes and without interest. The tender offer is being made in accordance with the terms and subject to the conditions described in the offer to purchase, the related letter of transmittal and other related materials, as each may be amended or supplemented from time to time.
Stock futures decline after China reports a very large spike in new coronavirus cases; Cisco issues a muted third-quarter forecast; Nvidia, Alibaba, Pepsi and Roku report earnings.
MGM Resorts International said Wednesday that Chairman and CEO Jim Murren plans to step down prior to the expiration of his contract. Murren, who has been chairman and CEO since 2008, has a contract to serve until the end of 2021, according to company filings with the SEC. Under the employment agreement, Murren is paid a base salary of $2 million a year with the opportunity for performance bonuses of 200% of his base salary as well as restricted stock grants .
MGM (MGM) delivered earnings and revenue surprises of -66.67% and -0.72%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?