MGM Resorts International has announced that the Board of Directors approved a new $2bn share repurchase program.
Following the company’s $3bn repurchase plan authorized in February 2020, MGM has bought a further 60 million shares worth around $2.5bn. Up to March 1, the company has $524.6m remaining under this repurchase plan, which it intends to utilize under the $3bn plan before engaging the new $2bn repurchase program.
Under the stock repurchase program, which aims to return value to shareholders, MGM is able to repurchase shares either in the open market or in privately negotiated agreements.
“We remain committed to our capital allocation strategy and continue to believe that returning cash to shareholders is a highly productive use of our capital,” said Jonathan Halkyard, CFO of MGM Resorts.
“We’re pleased that our Board has authorized a new share repurchase program as we believe there is tremendous value in our shares at current levels.”
This week, it was reported that MGM and BetMGM expanded their responsible gaming initiatives, providing comprehensive responsible gaming tools for both in-person and online gaming via GameSense after joining the National Council on Problem Gambling.