In a significant development, IAC acquired around 20% of MGM Resorts International's equity. Additionally, Savant Capital showed their confidence in the company by acquiring 4583 shares in MGM. Although facing some underperformance compared to competitors on certain days, MGM posts record revenue from China and Las Vegas in Q1 2024 due to strategic expansions, coupled with growth in Las Vegas and Macau operations. This robust growth led Mizuho and other financial entities to raise MGM Resorts International's price target.
While MGM continued to face cyber threats from certain unidentified groups, significant breakthrough came from their Q1 earnings report, which revealed better than expected results. This has led to the shares rallying, hinting at a lucrative investment opportunity. Boosted by international casino expansion ambitions, MGM reported a record-breaking $4.83 billion revenue in Q1 of 2024.
Pursuing its commitment to social responsibility, MGM made an impactful resort overhaul and improved employment conditions by reaching a labor deal with the Las Vegas unions. A partnership with Marriott further strengthened the growth signals, giving a significant boost on bookings. Finally, launching a responsible gaming program, GameSense, MGM continues to innovate gamer's experience. Despite these achievements, certain insiders selling off $5.4 million worth of stocks may hint at caution.
Mgm Resorts International MGM News Analytics from Thu, 31 Aug 2023 07:00:00 GMT to Wed, 08 May 2024 19:12:06 GMT - Rating 6 - Innovation 3 - Information 9 - Rumor -2
