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MGM To Restart 5 Other Las Vegas Resorts In Coming Weeks

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MGM To Restart 5 Other Las Vegas Resorts In Coming Weeks

MGM Resorts International (NYSE: MGM) on Tuesday announced it is planning to resume operations at five more of its Las Vegas properties.

What Happened

Luxor and the Shoppers at the Mandalay Bay Place will reopen for the public on June 25, MGM Resorts said. ARIA, Mandalay Bay, Four Seasons Las Vegas will follow suit on July 1.

The hospitality and entertainment company had reopened Bellagio, MGM Grand, and New York-New York earlier this month; Excalibur is expected to reopen on Thursday.

"It was exciting and emotional to see the energy in Las Vegas last week as we welcomed back our employees and reopened our doors to guests for the first time in months," MGM Resorts Acting President and Chief Executive Officer Bill Hornbuckle said in a statement.

"Our guests are having a great time and are thrilled to be back in the city they love. We are eager to get more of our employees back to work and enhance the Las Vegas experience with additional resorts."

The hospitality industry is reeling from the economic impact of the novel coronavirus (COVID-19) pandemic. The lockdowns imposed across the United States to curb the spread of the virus meant non-essential businesses like MGM Resorts were required to keep their operations shut.

MGM Price Action

MGM Resorts stock closed nearly 7.2% lower at $22.06 on Tuesday. The shares traded 1.3% higher in the after-hours session at $22.34.

 

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