MGM Resorts International (NYSE:MGM) receives approval for its casino in Springfield


Dallas, Texas 07/18/2013 (Financialstrend) – MGM Resorts International (NYSE:MGM) got approval for its casino in Springfield, election was conducted for approval to build an $800 million hotel-casino complex in the community and a vote in favour of this was needed to apply for single casino license in western Massachusetts to the state Gaming Commission. Nearly 57.6 percent have voted in favour of MGM‘s casino and 42.4 percent opposed it. The company proposed in a three-block area of Springfield to build an 89,000-square-foot casino with 250-room hotel, retail of 70,000 square feet and a restaurant. The building plans also include 12 screen theatre and bowling centre. If the casino is built from the MGM Resorts International the city will receive $25 million annually. The management of MGM assured that this casino will provide wide range of employment opportunities and it will develop the economy of the city, MGM Resorts International spent nearly $1 million to get vote in favour of casino.

MGM Resorts International is one of the 23 leading global hospitality companies that have introduced and developed methodology to calculate and report on carbon footprint. This initiative methodology to measure and report carbon emission of hotel is on a transparent basis. Among the hotels participated, MGM is the only resort to have casino.

There had been a decrease of 0.06% in the shares of MGM Resorts International (NYSE:MGM) which closed at $15.69 per share on Wednesday. The stock had presented intraday fluctuations on the range of $15.60 to $15.78 per share, after opening at $15.72 for the day. The company had recorded 52 week low at $8.83 and 52 week high at $15.95 per share.

There are 489.38 million shares outstanding with a market cap of $7.68 billion and an institutional ownership of 63% of the total capital. The trading volume on Wednesday was nil million shares and the average volume is at 9.24 million shares per day