MGM Jun 2020 18.000 put

OPR - OPR Delayed Price. Currency in USD
0.0500
0.0000 (0.00%)
As of 9:55AM EST. Market open.
Stock chart is not supported by your current browser
Previous Close0.0500
Open0.0500
Bid0.0100
Ask0.0700
Strike18.00
Expire Date2020-06-19
Day's Range0.0500 - 0.0500
Contract RangeN/A
Volume200
Open Interest438
  • PR Newswire

    MGM Resorts, MGM Growth Properties and Blackstone Real Estate Income Trust Announce Completion of MGP/BREIT Joint Venture's Acquisition of the MGM Grand Las Vegas and Mandalay Bay Real Estate for $4.6 Billion

    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.

  • MGM Springfield casino ‘performing below our expectations,’ outgoing exec says
    American City Business Journals

    MGM Springfield casino ‘performing below our expectations,’ outgoing exec says

    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.

  • MGM Resorts-led consortium named as lead bidder for Osaka casino project
    Reuters

    MGM Resorts-led consortium named as lead bidder for Osaka casino project

    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.

  • MGM Slips After Yanking Its Forecast, Announcing CEO Departure
    Bloomberg

    MGM Slips After Yanking Its Forecast, Announcing CEO Departure

    (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 cpalmeri1@bloomberg.netTo contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, 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 (MGM) Misses Earnings & Revenue Estimates in Q4
    Zacks

    MGM Resorts (MGM) Misses Earnings & Revenue Estimates in Q4

    MGM Resorts' (MGM) fourth-quarter 2019 top line gains from solid performance of MGM China and Regional Operations.

  • PR Newswire

    MGM Resorts International Announces Commencement of Cash Tender Offer to Purchase Shares of its Common Stock for an Aggregate Purchase Price of Not More than $1,250,000,000 at Price Not Greater Than $34.00 nor Less Than $29.00 per Share

    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.

  • TheStreet.com

    Coronavirus Spikes, Cisco Slumps, Nvidia and Alibaba Earnings - 5 Things You Must Know Thursday

    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.

  • TheStreet.com

    MGM Resorts CEO to Step Down

    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 Resorts (MGM) Q4 Earnings and Revenues Miss Estimates
    Zacks

    MGM Resorts (MGM) Q4 Earnings and Revenues Miss Estimates

    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?

  • MGM Gives Up Gains as Coronavirus Weighs on 2020 Guidance
    GuruFocus.com

    MGM Gives Up Gains as Coronavirus Weighs on 2020 Guidance

    Casino operator’s CEO steps down, giving initial stock boost Continue reading...

  • Barrons.com

    MGM Resorts CEO Is Stepping Down, and Earnings Fall Short

    MGM Resorts International said longtime Chairman and CEO Jim Murren plans to step down ahead of his contract’s expiration.

  • MarketWatch

    MGM Resorts pulls 2020 guidance, Macau casinos closed

    Shares of MGM Resorts International fell more 2% in the extended session Wednesday after the hotel and casino operator withdrew its guidance for the year and said its casinos in Macau are closed. "MGM Resorts expects several headwinds in calendar year 2020," including "increased volatility" due to the COVID-19 outbreak as well as ongoing weakness for some of its Las Vegas gaming, the company said in a statement. MGM said it earned $2 billion, or $3.91 a share, in the fourth quarter, versus a loss of $23 million, or 6 cents a share, in the prior-year quarter. The quarterly GAAP profit included a $2.7 billion gain related to its Bellagio real-estate deal. Adjusted for one-time items, MGM earned 8 cents a share, versus a loss of 3 cents a share a year ago. Sales rose 4% to $3.2 billion, MGM said. Analysts polled by FactSet had expected adjusted earnings of 24 cents a share on sales of $3.2 billion. The company also said it raised dividend by 15% and approved a $3 billion share buyback program. Earlier Wednesday, MGM announced that CEO Jim Murren was stepping down. Shares of MGM ended the regular trading day up 2.9%.

  • Reuters

    MGM Resorts withdraws 2020 financial targets on coronavirus hit

    MGM Resorts International withdrew its forecast for 2020 on Wednesday, as it assesses the fallout of the coronavirus epidemic on its business. The company, whose Chief Executive Officer Jim Murren is stepping down, said it had suspended its Macau operations as the virus continues to spread. The epidemic, which originated in mainland China and has killed more than 1,100 people, has taken a toll on casino operators as travel restrictions and fear of the virus spreading have led to cancellations of trips in the Far East.

  • PR Newswire

    MGM Resorts International Reports Fourth Quarter And Full Year Financial And Operating Results

    MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter and year ended December 31, 2019.

  • Benzinga

    MGM CEO Jim Murren To Step Down, Withdraws Guidance

    MGM Resorts International (NYSE: MGM ) announced on Wednesday afternoon that CEO Jim Murren will step down and the committee is working to replace him. Murren is to step down from his position as chairman ...

  • MGM Resorts CEO Jim Murren to step down before contract ends
    Reuters

    MGM Resorts CEO Jim Murren to step down before contract ends

    Murren will remain CEO and chairman until a successor is named. The casino operator is also working with a nationally recognized search firm to identify candidates for the CEO role. Murren, who has been at MGM since 1998, has been chairman and CEO since 2008.

  • MarketWatch

    MGM CEO to step down

    Shares of MGM Resorts International rose 4% in the extended session Wednesday after the hotel and casino operator said Chief Executive Jim Murren will step down before his contract expires. Murren will continue to serve as chairman and CEO until a successor is appointed, and MGM's board has formed a search committee. That committee is working with an executive search firm "to promptly identify and evaluate candidates" for the CEO role, the company said. Murren has led MGM since 2008. MGM shares rose 3% in the regular trading session.

  • PR Newswire

    MGM Resorts International Announces CEO Succession And Transition Plan

    MGM Resorts International (NYSE:MGM) ("MGM Resorts" or the "Company") today announced that Jim Murren, Chairman and Chief Executive Officer, has informed the Company's Board of Directors that he will step down from his position as Chairman and Chief Executive Officer of the Company prior to the expiration of his contract. Mr. Murren will continue to serve in his current leadership roles until a successor is appointed. The Board has formed a committee of independent directors to conduct the search process. The committee is working with a nationally recognized executive search firm to promptly identify and evaluate candidates to assume the role of Chief Executive Officer.

  • MGM Resorts Flashes Improved Stock Rating; Will Coronavirus Impact Winnings?
    Investor's Business Daily

    MGM Resorts Flashes Improved Stock Rating; Will Coronavirus Impact Winnings?

    MGM Resorts International shows improving price performance, earning an upgrade to its IBD Relative Strength Rating. Can it continue?

  • Financial Times

    MGM Resorts scraps earnings guidance, CEO to step down

    MGM Resorts scrapped its earnings guidance for 2020 on account of fallout from the coronavirus outbreak and also announced that chief executive Jim Murren will step down before his contract ends, ending his reign of more than a decade leading the hotel and casino group. Mr Murren also plans to resign from his position as chairman, the company revealed on Wednesday afternoon, and will continue to serve in both roles until a successor is appointed. Gross gaming revenues in the former Portuguese colony were about $36.5bn in 2019, a little more than three times the $12bn registered in the US state of Nevada, where Las Vegas is located.