MGM Resorts (MGM) Announces $2B Share Buyback

MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that its Board of Directors has authorized a new $2.0 billion share repurchase program.

"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."

Pursuant to the terms of the company's $3.0 billion repurchase plan authorized in February 2020, the Company has purchased 60 million shares, representing $2.5 billion. As of March 01, 2022, the Company has $524.6 million remaining under this repurchase plan. The Company plans to utilize the remaining capacity under this repurchase plan prior to effecting any repurchases under the new $2.0 billion repurchase program.

Under the stock repurchase program, which is designed to return value to the Company's shareholders, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.

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