Why Shares of MGM Resorts Fell 5% on Thursday

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Shares of casino giant MGM Resorts (NYSE: MGM) fell as much as 4.9% in trading on Thursday after the company reported fourth-quarter 2020 financial results. Shares recovered slightly late in the day but were still down 3.5% at 3:40 p.m. EST. 

Total revenue was down 53% from a year ago to $1.49 billion, and MGM lost $448 million, or $0.90 per share on an adjusted basis. Analysts had been expecting revenue of $1.47 billion and a loss of $0.96 per share, so on that front results weren’t too bad.

Image source: Getty Images.

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