MGM Resorts shares sink after shooting in Las Vegas
After a gunman killed dozens of Las Vegas concertgoers from the 32nd floor of the Mandalay Bay resort, shares of hotel owner MGM Resorts International fell Monday, shrinking the company’s market value by more than $900 million.
The Las Vegas company’s stock dropped 5.58% to $30.77 a share, with its market valuation dropping to about $17.7 billion from nearly $18.9 billion on Friday. The stock rose slightly during after-hour trading to $30.95 a share.
MGM Resorts International operates 27 properties in the U.S. and abroad, including the Mandalay Bay Resort & Casino.
Shares of other Las Vegas resort operators fell in morning trading but by the end of the day Caesars Entertainment, Red Rock Resorts and Boyd Gaming Corp. had rebounded to close virtually unchanged. Wynn Resorts fell 1.2%. The overall stock market was up.
On its Twitter account, the hotel said it had canceled all of its Las Vegas shows on Monday and had established a hot line for victims of the shooting and their family members.
At least 59 people were killed and 527 injured after a gunman opened fire Sunday night from a room at the Mandalay Bay hotel at an outdoor country music festival near the Las Vegas Strip. It was the deadliest mass shooting in modern American history.
The last time an MGM hotel was at the center of a tragedy of such magnitude may have been in 1980 when a fire that started in the deli of the MGM Grand Hotel in Las Vegas spread through the hotel, killing 84 people. At the time, it was the second-most deadly hotel fire in the nation, after a 1946 Atlanta blaze that claimed 119 lives.
The hotel was subsequently sold to Bally’s Entertainment. MGM Resorts built a new hotel and casino, which it named MGM Grand.
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