MGM Resorts International Stock Drops Nearly 5% as Wall Street Selloff Renews Las Vegas Demand Worries
MGM Resorts International dropped 4.8% Friday to $35.37, leading losses among its peers. Shares of Las Vegas Sands, Caesars Entertainment, and Wynn Resorts all fell, but not as sharply, as investors reacted to fresh inflation concerns, ongoing Middle East tensions, and surging oil prices. The S&P 500 slid 1.51% to 6,506.48—its lowest closing level since September. Over 9 million MGM shares traded. The Nasdaq shed 2.01%, while the Dow was down 0.96%. “The market is finally settling into the idea that this may go on longer,” said Jake Dollarhide, chief executive of Longbow Asset Management, in a statement to Reuters.
