Have you ever thought about how much you would have made if you invested $1,000 in MGM Resorts International 10 years ago? MGM Resorts International is a worldwide hospitality and entertainment corporation headquartered in Las Vegas, Nevada. MGM Grand, Inc. commenced operations in 1987 and was renamed MGM Mirage in 2000 after purchasing Mirage Resorts.
The company’s focus switched from building and managing resorts and casinos to producing and constructing real estate in the leisure and gaming business in the 2000’s. MGM Mirage was largely owned by billionaire businessman Kirk Kerkorian and his Tracinda Corporation until 2009.
Shareholders authorized a name change from MGM Mirage to “MGM Resorts International” on June 15, 2010, to underline the brand’s worldwide scale and enhanced non-gaming strategy. The MGM Macau property’s initial public offering was announced in April 2011. MGM and sports and entertainment firm AEG started construction on a $375 million stadium on the Las Vegas Strip in May 2014.
Also, MGM made an initial public offering (IPO) in April 2016 for MGM Growth Properties (MGP). This is a new real estate investment trust (REIT) that owns 10 of the company’s casino properties. Under the PlayMGM brand, MGM launched two online initiatives in 2017. They are a digital sportsbook in Nevada and a brand new online casino.
If you’d invested 1,000 in MGM Resorts International Commo (MGM) on June 15, 2011, today the investment would be worth $3,675.53 with an annual rate of return of 13.89%. Your total profit from this investment would have been $2,675.53.
MGM Resorts International (MGM) has risen from coronavirus lows as vaccinations have increasingly become available. Sports betting is also contributing an additional boost. Nevada casinos reopened at full capacity on June 1. BetMGM’s management stated on April 21 that the company is on target to generate $1 billion in net revenue by 2022.
Where to Invest $1,000 Now
MGM expects to prosper as more states legalize online sports betting. Investors should keep an eye on MGM Resorts shares. Casinos have been operating without limitations for a significant amount of time. You could potentially receive a solid return from your investment.
If you want to understand more about stock investing, you should speak with a financial advisor.