Why MGM Resorts Shares Jumped 4.9% Today
Shares of MGM Resorts (NYSE: MGM) jumped as much as 4.9% in trading on Tuesday after the company said it wouldn't up a bid to acquire Entain. The most recent deal would have been for 0.6 shares of MGM stock for each share of Entain, giving Entain shareholders about a 42% stake in the company. What MGM would be doing in buying Entain is taking over the half of BetMGM, the company's U.S. online betting operations, that it doesn't already own as well as gaining a foothold in international online betting.
