MGM Resorts International (NYSE:MGM) continues its climb from years of massive losses. Moreover, MGM is about to increase its presence in the Chinese gaming mecca of Macau with the opening of a new casino later this year. While MGM has had to play catch up regarding a Chinese presence, the company’s move to catch up may position MGM stock for continued growth.
Many think of the image of MGM as the roaring lion that greets the beginning of all films distributed by Metro-Goldwyn-Mayer Studios, Inc. (not currently affiliated with MGM Resorts). Unfortunately for holders of MGM stock, the MGM roar has been barely a meow for some time. MGM managed to turn a profit of $1.92 per share in fiscal 2016.
However, the company struggled with mounting losses for most of the decade.
U.S. Operations Continue Improving
Another unexpected struggle was the tragic shooting on the Las Vegas Strip on Oct.1. Mandalay Bay is one of many hotels the company owns on the Las Vegas Strip. MGM endured weeks of bad publicity following the shooting. However, fears of poor security and cancellation did not drive business away.
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