MGM Resorts Authorizes $2 Bln Buyback Plan

(RTTNews) - MGM Resorts International (MGM) Wednesday announced that its Board of Directors has authorized a new $2.0 billion share repurchase program.

"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."

Regarding its previous $3.0 billion repurchase plan authorized in February 2020, the company said it purchased 60 million shares, representing $2.5 billion. As of March 01, 2022, the company has $524.6 million remaining under the plan. The company plans to utilize the remaining amount before utilizing the new $2.0 billion repurchase program.