{"id":255482,"date":"2023-01-24T20:40:30","date_gmt":"2023-01-25T02:40:30","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=255482"},"modified":"2023-01-26T16:15:53","modified_gmt":"2023-01-26T22:15:53","slug":"mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/","title":{"rendered":"MGM COO Corey Sanders Sells $2.4M Worth of Casino Stock"},"content":{"rendered":"

MGM Resorts International (NYSE: MGM) COO Corey Sanders unloaded 60,000 shares of the casino giant\u2019s stock on Monday in a transaction valued at $2.4 million.<\/p>\n

\"Corey
MGM COO Corey Sanders in a company interview, pictured above. He sold $2.4 million worth of stock Monday. (Image: MGMThink.com)<\/figcaption><\/figure>\n

The gaming executive sold the shares at an average price of $40, according to a Form 4 filing with the Securities and Exchange Commission (SEC). Sanders\u2019 sale of his employer’s equity came as the casino stock closed slightly below $40 on Jan. 23. Today, it finished at $40.28, marking its first closing print above $40 since last May.<\/p>\n

The chief operating officer still directly owns 231,498 shares of the Luxor operator while indirectly holding 36,465 shares.<\/strong><\/p>\n

Regarding MGM, the Bellagio operator\u2019s<\/a> shares disappointed last year when considering the impressive monthly gross gaming revenue (GGR) data delivered by Nevada casino companies. However, the stock is on a torrid pace to start 2023, soaring 20.13% since the start of the year.<\/p>\n

Sanders MGM Stock Sale Not Alarming<\/h2>\n

Sanders\u2019 Jan. 23 sale of MGM stock arrived after the executive sold 10,000 shares of MGM on Jan. 6 and another 10,000 three days at average prices of $36 and $38, respectively. He also sold 20,000 shares at an average price of $38 last November, according to a regulatory filing.<\/p>\n

\n

The COO\u2019s recent sting of trimming exposure to the gaming company\u2019s shares may be seen as cause for alarm among some investors. But insider selling can often be merely a symptom of an executive wanting to raise cash or diversify personal portfolio holdings.<\/p>\n<\/div>\n

Conversely, insider buying is generally viewed<\/a> in a positive light. That’s because the investment community believes those with intimate knowledge of a firm only buy shares for one reason: they think the stock will appreciate.<\/p>\n

Additionally, MGM is one of the gaming industry\u2019s most diligent buyers of its own shares, having orchestrated massive share repurchases<\/a> over the past couple of years.<\/p>\n

MGM Rumors<\/h2>\n

Last week, speculation resurfaced that MGM could make another takeover offer<\/a> for Entain Plc (OTC: GMVHY), its partner in the BetMGM business.<\/p>\n

\n

The Las Vegas-based company hasn\u2019t publicly confirmed if it will make another run at the Coral owner. As such, it\u2019s not yet known how a proposal will be constructed — all cash, all stock, or a mixture of the two. However, if equity is involved, the suitor\u2019s shares are likely to decline when news of the bid becomes public.<\/p>\n<\/div>\n

In January 2021, MGM offered $11.06 billion in cash and equity for the Ladbrokes owner. But that proposal was ultimately turned away.<\/p>\n

For MGM, it makes sense to acquire Entain because, in the BetMGM agreement, the latter provides technology services. But the unit derives benefits from the gaming company\u2019s well-known brand and land-based operations in select states, positioning it to capture iGaming licenses in those locations.<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM Resorts International (NYSE: MGM) COO Corey Sanders unloaded 60,000 shares of the casino giant\u2019s stock on Monday in a transaction valued at $2.4 million. The gaming executive sold the shares at an average price of $40, according to a Form 4 filing with the Securities and Exchange Commission (SEC). Sanders\u2019 sale of his employer’s […]<\/p>\n","protected":false},"author":46,"featured_media":255483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[81903,81898],"acf":[],"yoast_head":"\nMGM COO Corey Sanders Offloads $2.4 Million In Company Shares<\/title>\n<meta name=\"description\" content=\"MGM COO Corey Sanders continues selling stock, dumping $2.4M worth on Monday.\" \/>\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\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM COO Corey Sanders Offloads $2.4 Million In Company Shares\" \/>\n<meta property=\"og:description\" content=\"MGM COO Corey Sanders continues selling stock, dumping $2.4M worth on Monday.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/\" \/>\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=\"2023-01-25T02:40:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-26T22:15:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/corey.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\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\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/\",\"name\":\"MGM COO Corey Sanders Offloads $2.4 Million In Company Shares\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/corey.png\",\"datePublished\":\"2023-01-25T02:40:30+00:00\",\"dateModified\":\"2023-01-26T22:15:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM COO Corey Sanders continues selling stock, dumping $2.4M worth on Monday.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-coo-corey-sanders-offloads-2-4-million-in-company-shares\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/corey.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/corey.png\",\"width\":1280,\"height\":720,\"caption\":\"MGM COO Corey Sanders in a company interview. 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