MGM Resorts Clarifies Independence from MGM Studios, Still Trades Lower
By Market News Video Staff, Thursday, November 4, 12:43 PM ET
MGM Resorts International (NYSE:MGM) made an announcement today to reiterate to investors, customers, and vendors, that it is not affiliated with MGM Studios.
MGM studios made a pre-packaged bankruptcy deal with investor Carl Icahn yesterday.
MGM Resorts shares are trading lower by 0.1% today, despite no news announcements from the company, and a general markets rally in U.S. markets.
MGM Resorts is 2.3% of the Gaming ETF (AMEX:BJK) portfolio, trading up 1.5% today, which counts Las Vegas Sands (NYSE:LVS) and Wynn Resorts (NASDAQ:WYNN) as its top two holdings, at 14.3% and 7.42% respectively.
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