Why MGM Resorts International Stock Jumped 32% in February
Shares of casino operator MGM Resorts International (NYSE: MGM) rose an incredible 32% in February according to data from S&P Global Market Intelligence. There was a lot of news during the shortest month of the year, but the big story was earnings.
In the fourth quarter of 2020 MGM Resorts' revenue fell roughly 50% year over year and it lost $0.90 per share. On the surface that's terrible, until you step back and consider that this drop was directly related to the global coronavirus pandemic. In fact, performance is improving. In the third quarter of 2020 the company's revenue was off by 66% and it lost $1.08 per share. So investors appear largely pleased with the direction the company's business is heading. Notably, after the earnings release, MGM Resorts said that increased interest in travel to Las Vegas was leading it to resume 24-hour operation at some of its key casinos in the city. That further bolsters the recovery story helping the stock along of late.
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Source Fool.com
