“We continue to view share repurchases as an attractive opportunity to return value to our shareholders,” said CFO Jonathan Halkyard, in the statement. “Year-to-date, we have repurchased approximately $1.7 billion in stock. Our buyback program totals $6.2 billion since the beginning of 2021, reducing our share count by over 30%.”<\/strong><\/p>\nSince suspending its dividend during the early stages of the COVID-19 pandemic, MGM has opted for buybacks as its primary form of shareholder rewards. Share repurchases are more tax-efficient for investors and serve the aim of increasing earnings per share (EPS).<\/p>\n
MGM Odds and Ends<\/h2>\n With the Las Vegas Grand Prix less than two weeks away and rumors intensifying that Strip operators are slashing room rates and that Formula One is doing the same with ticket prices, MGM sounded an optimistic tone on F1\u2019s much ballyhooed return to Sin City.<\/p>\n
Hornbuckle said the operator sold out the Bellagio Fountain Club for the event and sold another 10,000 tickets on top of that, noting that race weekend is expected to be a record event for MGM Strip casinos.<\/strong><\/p>\nIn other news, MGM expects a deal to avert a labor strike to be in place by the end of today and noted it could make fresh investments in the MGM Grand if the Oakland Athletics<\/a> proceed with their move to Las Vegas.<\/p>\n","protected":false},"excerpt":{"rendered":"Shares of MGM Resorts International (NYSE: MGM) rose slightly during Wednesday after-hours trading session after the largest operator on the Las Vegas Strip delivered estimate-beating third-quarter results despite the adverse effects of a September ransomware attack. The Cosmopolitan operator said it earned 64 cents a share on revenue of $3.97 billion during the July through […]<\/p>\n","protected":false},"author":46,"featured_media":237997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\n
MGM Tops Q3 Estimates, Unveils New $2B Share Buyback Plan<\/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