MGM Resorts International to buy back $2 billion in shares

mgm resorts

MGM Resorts International on Wednesday announced a new $2.0 billion share repurchase program, which it said is designed to return value to the company’s shareholders.

“We remain committed to our capital allocation strategy and continue to believe that returning cash to shareholders is a highly productive use of our capital,” said Jonathan Halkyard, CFO of MGM Resorts. 

“We’re pleased that our Board has authorized a new share repurchase program as we believe there is tremendous value in our shares at current levels.”

Pursuant to the terms of the company’s $3.0 billion repurchase plan authorized in February 2020, the Company has purchased 60 million shares, representing $2.5 billion. 

As of March 01, 2022, the Company has $524.6 million remaining under this repurchase plan. MGM Resorts International said it plans to utilize the remaining capacity under this repurchase plan prior to effecting any repurchases under the new $2.0 billion repurchase program.

Felix is the Asia Editor and Events Director of the Asia Gaming Brief. He has over a decade of experience developing conferences for industries including gaming, telecoms, investment, biotechnology, and mining. He has developed some of the most well-known conferences for the Asian gaming industry, most recently being the ASEAN Gaming Summit, the Australasian Gaming Seminars, and the Mekong Gaming Summit. Felix covers gaming technology and innovation and is passionate about developing engaging and eye-catching content for the industry.