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CasinoFebruary 23, 2022·1 min read
MGM and IAC Team Up for $405 Million Stock Repurchase
MGM Resorts International has initiated a significant share repurchase program, acquiring 4.5 million shares of its common stock at $45 per share. This repurchase is facilitated by InterActiveCorp (IAC) and Corvex Management, with each investing approximately $202.5 million.
IAC's stake in MGM will increase to 14.4% after the repurchase, which is part of MGM's $3 billion buyback program announced in February 2020. This deal is expected to close on Wednesday, marking a substantial step in MGM's capital allocation plan.
MGM Resorts International's financial performance has been impressive. In the fourth quarter of 2021, the company's net income grew by 105% year over year to $3.1 billion. The assets on the Las Vegas Strip earned $1.8 billion in sales, a 26 percent increase over the fourth quarter of 2019. For the whole year, MGM Resorts' net revenue was $9.7 billion, an 88 percent increase from 2020.
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