Casino giant MGM Mirage ( MGM) lifted the price and amount of its upcoming tender offer for its shares, which have been pummeled in recent months.

The deal could help propel casino stocks, which have been horrible performers lately as investors sell discretionary consumer stocks on fears of a looming U.S. recession.

MGM is teaming up on the tender with Dubai World, which already owns 7% of the casino operator.

The parties said they will now purchase 15 million shares, up from the previous offer of 10 million. The latest bid represents 13% of MGM's float.

MGM and Dubai World also increased the price of the offer to $80 per share from the previous range of $75 to $80. The new price represents a 20% premium over MGM's closing stock price of $66.47 on Tuesday.

A large portion of MGM's stock is owned by Tracinda Corp., the investment firm managed by billionaire Kirk Kerkorian. Tracinda said it will not tender any of its shares.

In premarket trading, MGM shares rose 4.9% to $69.70.

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