MGM Taking New Symbol
Shares of MGM Mirage (MGG) will begin trading under symbol MGM next Monday.
The Las Vegas casino operator announced the change Tuesday.
Separately, MGM Mirage announced Monday evening it closed its $7.9 billion acquisition of former rival Mandalay Resort Group (MBG). The timing of the deal's closing was expected.
Just before the merger was completed, Mandalay sold its 53.5% interest in the MotorCity Casino in Detroit for about $525 million and placed into escrow its 50% interest in the Grand Victoria riverboat casino in Elgin, Ill. Both moves were required by state regulators.
The merger creates what will be the world's second-largest casino company after Harrah's Entertainment (HET) completes its pending acquisition of Caesars Entertainment (CZR). MGM Mirage now owns and operates 24 hotel and casino properties in Nevada, Mississippi and Michigan and has investments in three other properties in Nevada, New Jersey and the U.K. The company has more than 70,000 employees. Shares were up $2.21, or 3.2%, at $71.61. Casino stocks rallied Tuesday, lifting the Dow Jones U.S. Gambling Index 2.1%, after Boyd Gaming (BYD) reported blowout first-quarter results Monday evening. Last week, MGM Mirage reported better-than-expected first-quarter results, and Harrah's Entertainment (HET) met Wall Street expectations after guiding sharply higher earlier in the month.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
