MGM Mirage Leveling Off After Several Volatile Months
MGM Mirage MGM Mirage has had themselves an uneven couple of months when it came to their stock price. All casino operators have experienced the ups and downs, but MGM has had it the worst because of the questions surrounding its CityCenter project.
As of late, however, MGM stock has leveled off. It closed the day on Wednesday at $6.25 a share. The company recently gave assurances that all financial commitments to complete the CityCenter project would be met.
On May 18th, MGM stock had a price of $8.54. Since that day, the stock has not been any higher and it consequently has not dropped below $6 a share except for one day in June. The majority of the days have been spent in the $6 range.
“Once MGM showed investors that they would be completing the CityCenter project in Las Vegas, their price jumped over $10 a share,” said analyst Grant Belshky, “since then, they have tapered off and have settled in at their current price.”
Other casino companies have had similar situations. Wynn Resorts has had their price between $35 and $42 a share for over a month now. Las Vegas Sands has been fluctuating a little bit, but mainly has been between $9 and $10 a share.
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