{"id":322315,"date":"2024-06-11T17:22:54","date_gmt":"2024-06-11T22:22:54","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=322315"},"modified":"2024-06-12T10:11:37","modified_gmt":"2024-06-12T15:11:37","slug":"playstudios-buying-24-6m-of-its-stock-from-microsoft","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/","title":{"rendered":"Playstudios to Purchase $24.6M Worth of Shares Held by Microsoft"},"content":{"rendered":"

Shares of social casino developer Playstudios (NASDAQ: MYPS) rallied in Tuesday\u2019s after-hours trading session after the company announced that it’s purchasing $24.6 million of its equity held by Microsoft (NASDAQ: MSFT).<\/p>\n

\"social
A scene from a Playstudios game. The company is buying $24.6 million worth of its shares from Microsoft. (Image: OfftheStrip.com<\/em>)<\/figcaption><\/figure>\n

While not a share repurchase program<\/a> in the traditional sense, the move to purchase the shares owned by Microsoft has the positive impact of reducing Playstudios\u2019 shares outstanding count. The company said that tally will decline by 8.6% by way of the Microsoft transaction.<\/p>\n

Shares were purchased at a price of $2.11 per share and funded with available cash. Total consideration paid by PLAYSTUDIOS was $24.6 million. The repurchase reduces the number of shares of the Company\u2019s outstanding common stock by approximately 8.6%,\u201d according to a statement issued by Las Vegas-based Playstudios.<\/p><\/blockquote>\n

Shares of Playstudios are off 48.9% over the past 12 months and 15.5% on a year-to-date basis.<\/p>\n

Playstudios Quietly Buys Back a Lot of Stock<\/h2>\n

Playstudios became a freestanding public company in June<\/a> 2021 after a merger with Acies Acquisition, a blank-check firm started by former MGM Resorts International (NYSE: MGM) CEO Jim Murren.<\/p>\n

\n

Over those three years, the stock has struggled mightily, but management has signaled it sees value in the shares. In addition to the transaction with Microsoft, Playstudios is in the midst of a $50 million share buyback program.<\/p>\n<\/div>\n

\u201cSince becoming a public company, PLAYSTUDIOS has demonstrated a commitment to enhancing shareholder value and maximizing our returns on capital. Purchasing the shares held by Microsoft is a further example of this as we were able to efficiently repurchase 8.6% of our outstanding common stock at a discount to current market prices,\u201d said CEO Andrew Pascal in the statement.<\/p>\n

Playstudios, which makes games such as myVegas Slots and myVegas Blackjack, has its own loyalty program<\/a>, playAwards. Players can redeem those points for amenities and lodging at MGM venues, including glitzy venues such as Aria, Bellagio, and Mandalay Bay on the Las Vegas Strip, as well as some of the operator\u2019s regional casinos.<\/p>\n

Other Factors Supporting Playstudios<\/h2>\n

While Playstudios stock is mired in a lengthy slump and Wall Street pays little attention to the name, there are some bullish factors that could bolster the investment thesis.<\/p>\n

\n

The company operates in a fast-growing segment, is profitable, and carries no debt. As noted by analyst Sandeep David<\/a>, has cash on hand of $133 million, or about 40% of its current market capitalization. That implies the stock is getting essentially no credit for that stockpile.<\/p>\n<\/div>\n

David noted that cash position could increase quarterly, potentially paving the way for Playstudios to deliver a special dividend, though the company hasn\u2019t confirmed such a move will occur.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of social casino developer Playstudios (NASDAQ: MYPS) rallied in Tuesday\u2019s after-hours trading session after the company announced that it’s purchasing $24.6 million of its equity held by Microsoft (NASDAQ: MSFT). While not a share repurchase program in the traditional sense, the move to purchase the shares owned by Microsoft has the positive impact of […]<\/p>\n","protected":false},"author":46,"featured_media":233771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,22988,16693],"tags":[81903,82927,82041],"acf":[],"yoast_head":"\nPlaystudios Buying $24.6M Of Its Stock From Microsoft<\/title>\n<meta name=\"description\" content=\"Playstudios to Purchase $24.6M Worth of Shares Held by Microsoft.\" \/>\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\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Playstudios Buying $24.6M Of Its Stock From Microsoft\" \/>\n<meta property=\"og:description\" content=\"Playstudios to Purchase $24.6M Worth of Shares Held by Microsoft.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/\" \/>\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=\"2024-06-11T22:22:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-12T15:11:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/Play.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1292\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/\",\"url\":\"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/\",\"name\":\"Playstudios Buying $24.6M Of Its Stock From Microsoft\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/Play.jpg\",\"datePublished\":\"2024-06-11T22:22:54+00:00\",\"dateModified\":\"2024-06-12T15:11:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Playstudios to Purchase $24.6M Worth of Shares Held by Microsoft.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/Play.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/Play.jpg\",\"width\":1292,\"height\":675,\"caption\":\"A scene from a Playstudios game. The company is buying $24.6 million worth of its shares from Microsoft.(Image: OfftheStrip.com)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#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\":\"Playstudios to Purchase $24.6M Worth of Shares Held by Microsoft\"}]},{\"@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":"Playstudios Buying $24.6M Of Its Stock From Microsoft","description":"Playstudios to Purchase $24.6M Worth of Shares Held by Microsoft.","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\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/","og_locale":"en_US","og_type":"article","og_title":"Playstudios Buying $24.6M Of Its Stock From Microsoft","og_description":"Playstudios to Purchase $24.6M Worth of Shares Held by Microsoft.","og_url":"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2024-06-11T22:22:54+00:00","article_modified_time":"2024-06-12T15:11:37+00:00","og_image":[{"width":1292,"height":675,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/Play.jpg","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":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/","url":"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/","name":"Playstudios Buying $24.6M Of Its Stock From Microsoft","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/Play.jpg","datePublished":"2024-06-11T22:22:54+00:00","dateModified":"2024-06-12T15:11:37+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Playstudios to Purchase $24.6M Worth of Shares Held by Microsoft.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/Play.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/Play.jpg","width":1292,"height":675,"caption":"A scene from a Playstudios game. The company is buying $24.6 million worth of its shares from Microsoft.(Image: OfftheStrip.com)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/playstudios-buying-24-6m-of-its-stock-from-microsoft\/#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":"Playstudios to Purchase $24.6M Worth of Shares Held by Microsoft"}]},{"@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\/322315"}],"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=322315"}],"version-history":[{"count":4,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/322315\/revisions"}],"predecessor-version":[{"id":322360,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/322315\/revisions\/322360"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/233771"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=322315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=322315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=322315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}