Casino Stocks Rally as MGM Gets Bank Support to Fund 100% of CityCenter
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Shares of MGM Mirage (NYSE: MGM) have jumped more than 15% today on reports last night that the casino operator has received the support of its banks, entering into an amendment of its senior credit facility to fund 100% of the current construction costs for CityCenter. The stock most recently traded at $7.19.
The financing related to the CityCenter has been one of the top issues looming over MGM shareholders for quite some time. Despite the uncertainty, shares of MGM have risen nearly 200% since April 1 when its shares opened at $2.44.
Traders are all over MGM's stock this morning amid the reassuring news: the stock has already traded hands 11.6 million times, which compares to its average daily volume of about 12.2 million shares.
The CityCenter news has also boosted shares of the two major casino operators, Las Vegas Sands (NYSE: LVS) and Wynn Resorts (Nasdaq: WYNN). LVS is currently up 9.6% to $5.72 and WYNN is up 11.6% to $35.05.
The financing related to the CityCenter has been one of the top issues looming over MGM shareholders for quite some time. Despite the uncertainty, shares of MGM have risen nearly 200% since April 1 when its shares opened at $2.44.
Traders are all over MGM's stock this morning amid the reassuring news: the stock has already traded hands 11.6 million times, which compares to its average daily volume of about 12.2 million shares.
The CityCenter news has also boosted shares of the two major casino operators, Las Vegas Sands (NYSE: LVS) and Wynn Resorts (Nasdaq: WYNN). LVS is currently up 9.6% to $5.72 and WYNN is up 11.6% to $35.05.
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