Murren did say the company’s real estate committee, a group of board members formed earlier this year aimed at unlocking value at the company’s properties, \u201cis making progress.\u201d<\/strong><\/p>\nMurren added that he anticipates sharing results from the committee’s efforts in the early fall. He characterized the company’s real estate assets as “mispriced” and that an “asset lighter” model makes sense.<\/p>\n
During the second quarter, MGM spent $282 million to repurchase 11 million shares of its stock at an average price of $25.61, indicating the company got a good deal relative to Thursday’s closing price of $29.37. At the end of the quarter, the company had $1.1 billion left on a $2 billion buyback plan.<\/p>\n
As of June 30, the gaming company had $1.2 billion in cash and $14.8 billion in debt.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shares of MGM Resorts International (NYSE:MGM) surged more than 6 percent during Thursday’s after-market trading after the largest operator on the Las Vegas Strip reported second-quarter revenue that topped expectations. For the quarter ending June 30, MGM posted revenue of $3.22 billion, a 13 percent increase on a year-over-year basis and $10 million ahead of […]<\/p>\n","protected":false},"author":46,"featured_media":110251,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\n
MGM Resorts Stock Surges After Second-Quarter Revenue Surprised<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n