MGM Resorts International (NYSE:MGM) spotted trading -31.09% off 52-week high price. On the other end, the stock has been noted 2.18% away from the low price over the last 52-weeks. The stock changed 0.88% to recent value of $26.47. The stock transacted 7526303 shares during most recent day however it has an average volume of 8940.32K shares. The company has 551.64M of outstanding shares and 498.62M shares were floated in the market.
MGM GVC Interactive LLC, the joint venture owned by MGM Resorts International (NYSE:MGM) and GVC Holdings PLC (LSE: GVC), has partnered with the United Auburn Indian Community (UAIC) in a first-of-its-kind partnership for the joint venture in both California and with the Indian Community.
The agreement follows the recent decision by the U.S. Supreme Court to overturn PASPA (the Professional and Amateur Sports Protection Act), authorizing individual states to introduce legislation enabling intrastate sports betting. As the operator of Thunder Valley Casino Resort, UAIC represents an ideal initial partner for MGM-GVC in California, providing access to the U.S.’s largest state by population, if and when state law permits sports betting.
“It is not yet clear if California will authorize sports betting or interactive games generally, but with the overturn of PASPA possibly opening the door for sports betting, our Tribe wants to be well-situated, and this agreement with the national leader in the field does just that,” said Gene Whitehouse, Chairman of UAIC.
Under the terms of the partnership, MGM-GVC would provide its iconic brands and proprietary technology to enable UAIC to offer retail and mobile sports betting and online casino and poker if and when any are permitted under state law.
For UAIC, the agreement aligns the Tribe with a best-in-class partner that brings unmatched brands, databases, professional sports league partnerships (including the recently announced partnership with the NBA) and unparalleled proprietary sports betting technology.
“We are excited to have a partner the caliber of UAIC as our first partner for MGM-GVC in Indian Country,” said MGM President of Interactive Gaming, Scott Butera.
Its earnings per share (EPS) expected to touch remained -51.30% for this year while earning per share for the next 5-years is expected to reach at 9.10%. MGM has a gross margin of 42.00% and an operating margin of 13.00% while its profit margin remained 16.80% for the last 12 months.
According to the most recent quarter its current ratio was 0.7 that represents company’s ability to meet its current financial obligations. The price moved ahead of -3.77% from the mean of 20 days, -6.59% from mean of 50 days SMA and performed -17.35% from mean of 200 days price. Company’s performance for the week was -1.71%, -1.05% for month and YTD performance remained -20.72%.