{"id":173910,"date":"2021-05-17T17:04:50","date_gmt":"2021-05-18T00:04:50","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=173910"},"modified":"2021-05-17T17:23:47","modified_gmt":"2021-05-18T00:23:47","slug":"amazon-may-want-to-buy-mgm-but-not-the-gaming-company","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/","title":{"rendered":"Amazon, MGM Studios Rumor Creates Confusion, Leads to Pop in MGM Resorts Stock"},"content":{"rendered":"

Amazon (NASDAQ:AMZN) is rumored to be in talks to acquire MGM —\u00a0 the movie studio, not the gaming company. But confusion over nearly similar company names sent MGM Resorts International (NYSE:MGM) stock soaring late Monday.<\/p>\n

\"Amazon
An Amazon delivery driver. Confusion of which MGM the e-commerce company wants to acquire sent MGM Resorts stock higher. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

As the chart below indicates, bewildered traders sent shares of the largest operator on the Las Vegas Strip higher in today’s after-hours session, with the stock trading as high as $41. That put it within striking distance of the 52-week high of $42.74. Traders subsequently realized the gaffe and rapidly departed the gaming name, sending it back below $39 at this writing. Shares of MGM Resorts closed at $38.75 during normal trading hours.<\/strong><\/p>\n

\"MGM
MGM Resorts stock popped then dropped after traders realized Amazon is interested in MGM Studios. (Image: ZeroHedge<\/em>)<\/figcaption><\/figure>\n

The Information <\/i>broke a story<\/a> earlier this afternoon indicating Amazon is mulling a run at MGM \u2013 the movie studio \u2013 in what would be the e-commerce giant’s latest push into entertainment. The Hollywood company is well-known as the home to the James Bond<\/i> franchise, but it has other coveted titles, including the Rocky Series<\/i>, and owns the Epix<\/i> channel. It also produces several cable and streaming shows, as well as popular reality fare, such as Shark Tank<\/i> and Survivor.<\/i><\/p>\n

As for MGM — the gaming company — even with the after-hours retreat, the casino behemoth is one of the better-performing large-cap gaming equities this year, with an admirable 23 percent gain.<\/p>\n

The MGM’s Once Had Ties<\/h2>\n

There was a time when the Las Vegas and Hollywood sleeves of MGM were one.<\/p>\n

\n

In 1969, the late Kirk Kerkorian acquired 40 percent of studio Metro-Goldwyn-Mayer, later bringing the iconic brand to Sin City. That lead to the creation<\/a> of corporate entities MGM Grand Inc., MGM Mirage and, ultimately, MGM Resorts International.<\/p>\n<\/div>\n

Tracinda Corp. — a holding company for Kerkorian’s estate for his two daughters — at one point owned 16.2 percent of the gaming company<\/a>. That stake was pared in subsequent years, and was liquidated entirely in September 2019.<\/p>\n

Last year, Kerkorian’s estate donated $4 million<\/a> to MGM Resorts Employee Emergency Grant Fund, which was set up to assist workers displaced by the coronavirus pandemic.<\/p>\n

Amazon, Gaming Speculation<\/h2>\n

Monday’s Wall Street gaffe aside, there has been some talk about Amazon eventually entering the wagering space. But it’s just speculation.<\/p>\n

Much of that chatter is driven by the company holding an 11-year deal with the NFL to stream 15 games a year.<\/p>\n

Amazon Web Services (AWS) — the world’s largest cloud computing outfit — is also the provider of next generation analytics and statistics to the NFL, prompting some talk the company could move into sports betting data<\/a> at some point. But that’s just speculation, too.<\/p>\n

The Seattle-based company hasn’t publicly commented on any plans to move into the casino or sports wagering businesses.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon (NASDAQ:AMZN) is rumored to be in talks to acquire MGM —\u00a0 the movie studio, not the gaming company. But confusion over nearly similar company names sent MGM Resorts International (NYSE:MGM) stock soaring late Monday. As the chart below indicates, bewildered traders sent shares of the largest operator on the Las Vegas Strip higher in […]<\/p>\n","protected":false},"author":46,"featured_media":173911,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1],"tags":[],"acf":[],"yoast_head":"\nAmazon May Want to Buy MGM, But not the Gaming Company<\/title>\n<meta name=\"description\" content=\"Rumors Amazon wants to buy MGM sent MGM Resorts stock soaring, but the right target is the movie company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amazon May Want to Buy MGM, But not the Gaming Company\" \/>\n<meta property=\"og:description\" content=\"Rumors Amazon wants to buy MGM sent MGM Resorts stock soaring, but the right target is the movie company.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-18T00:04:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-18T00:23:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/AMZN-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/\",\"url\":\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/\",\"name\":\"Amazon May Want to Buy MGM, But not the Gaming Company\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/AMZN-scaled.jpeg\",\"datePublished\":\"2021-05-18T00:04:50+00:00\",\"dateModified\":\"2021-05-18T00:23:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Rumors Amazon wants to buy MGM sent MGM Resorts stock soaring, but the right target is the movie company.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/AMZN-scaled.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/AMZN-scaled.jpeg\",\"width\":2560,\"height\":1707,\"caption\":\"An Amazon delivery driver. Confusion of which MGM the e-commerce company wants to acquire sent MGM Resorts stock higher. (Image: CNBC)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Amazon, MGM Studios Rumor Creates Confusion, Leads to Pop in MGM Resorts Stock\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Amazon May Want to Buy MGM, But not the Gaming Company","description":"Rumors Amazon wants to buy MGM sent MGM Resorts stock soaring, but the right target is the movie company.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/","og_locale":"en_US","og_type":"article","og_title":"Amazon May Want to Buy MGM, But not the Gaming Company","og_description":"Rumors Amazon wants to buy MGM sent MGM Resorts stock soaring, but the right target is the movie company.","og_url":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2021-05-18T00:04:50+00:00","article_modified_time":"2021-05-18T00:23:47+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/AMZN-scaled.jpeg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/","url":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/","name":"Amazon May Want to Buy MGM, But not the Gaming Company","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/AMZN-scaled.jpeg","datePublished":"2021-05-18T00:04:50+00:00","dateModified":"2021-05-18T00:23:47+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Rumors Amazon wants to buy MGM sent MGM Resorts stock soaring, but the right target is the movie company.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/AMZN-scaled.jpeg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/AMZN-scaled.jpeg","width":2560,"height":1707,"caption":"An Amazon delivery driver. Confusion of which MGM the e-commerce company wants to acquire sent MGM Resorts stock higher. (Image: CNBC)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/amazon-may-want-to-buy-mgm-but-not-the-gaming-company\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Amazon, MGM Studios Rumor Creates Confusion, Leads to Pop in MGM Resorts Stock"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/173910"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=173910"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/173910\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/173911"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=173910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=173910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=173910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}