What Happened?
Shares of hospitality and casino entertainment company MGM Resorts (NYSE:MGM) fell 11.7% in the afternoon session after the company reported weak third-quarter earnings. Its Casino revenue missed, and its EBITDA fell short of Wall Street's estimates. Overall, this was a softer quarter.
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What The Market Is Telling Us
MGM Resorts’s shares are not very volatile and have only had 7 moves greater than 5% over the last year. Moves this big are rare for MGM Resorts and indicate this news significantly impacted the market’s perception of the business.
MGM Resorts is down 19.3% since the beginning of the year, and at $36.69 per share, it is trading 23.2% below its 52-week high of $47.78 from March 2024. Investors who bought $1,000 worth of MGM Resorts’s shares 5 years ago would now be looking at an investment worth $1,287.
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