Las Vegas stocks soared on Friday as reports surfaced that sales in Las Vegas have began to pick up. This sent MGM Resorts International stock soring over 15%. The stock finished the day at 13.56 which is up over 40% from its low, but still well off its 52 week high.
MGM Resorts International, formerly MGM MIRAGE, is a holding company engaged in gaming, hospitality and entertainment. The Company owns and operates casino resorts, which includes offering gaming, hotel, dining, entertainment, retail and other resort amenities. At its wholly owned resorts, the Company’s primary casino and hotel operations are owned and managed by it. Other resort amenities may be owned and operated by the Company but managed by third parties for a fee, or leased to third parties. It also operates many managed outlets, utilizing third-party management for specific expertise in areas, such as restaurants and nightclubs, as well as for branding opportunities. The Company has holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, Illinois and Macau. In March 2009, it sold the Treasure Island casino resort (TI) in Las Vegas, Nevada.
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