Coronavirus Costs MGM Resorts Its $1.25 Billion Stock Buyback
MGM Resorts (NYSE: MGM) says the coronavirus outbreak has created too much volatility to properly price its stock so, it is canceling its recently announced share repurchase program.
Less than two weeks after revising its $1.25 billion buyback plan to take advantage of lower stock prices, the casino operator scrapped the whole thing because MGM's share price continues to tumble. It's now trading 50% or more below the range it had originally set.
Image source: MGM Resorts.
Source Fool.com
