Shares of MGM traded higher on Wednesday as the global casino and resort operator announced that it is prepping to reopen the Borgata, its flagship property in Atlantic City.
The MGM-owned resort will reopen on July 26, almost three weeks after eight of the resort’s other casinos across the U.S. reopened to the public, the company announced.
Atlantic City’s casinos were given the green light to resume operations July 2 following a near four-month industry-wide closure due to the coronavirus pandemic. MGM had planned to reopen the Borgata on July 6, but furloughed the plans after Gov. Phil Murphy reversed course on permitting indoor dining.
The casino will adhere to state mandates concerning masks, 25% gaming floor capacity and social distancing at slot machines and table games. The state also prohibited smoking, eating or drinking on the casino floor.
Borgata said it expects to bring back about 40% of its employees for the first phase of reopening, which will include screening measures for all workers and mandatory masks for all employees and guests throughout the resort.
Investors took a shine to the news, betting that MGM is on the path to financial recovery, with MGM stock up more than 7% on Wednesday.
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