MGM Resorts International stock (NYSE:MGM) was up 1.1% at the close on Wednesday. The stock price had decreased 2.3% at 10:45 a.m. ET, but it had risen 1.9% by 3:37 p.m. ET. Year to date, the share price has declined by around 31%.
Overall, the market was down slightly on Wednesday, with the Dow down 0.1%, the S&P 500 down 0.3%, and the Nasdaq down 0.1%.
Market Analysis of MGM Stock
MGM Resorts announced some news on Wednesday that is likely to have boosted its stock (NYSE:MGM) price. The business revealed plans to renovate its 2.1-million-square-foot convention center at the Mandalay Bay Resort in Las Vegas.
The $100 million restoration of one of the country’s top conference and trade exhibition locations will feature, among other things, a new design that complements the tropical theme, technological improvements, digital signs and digital walls, and remodeled rooms, ballrooms, and function areas. The modifications are based on meeting planner suggestions to provide a modern environment that suits the demands of current convention audiences.
The convention center will remain fully functioning during the redesign, which is slated to be completed in 2024.
So, what now?
This initiative comes at a time when Mandalay Bay’s convention economy is beginning to recover from the epidemic. Room nights associated with conferences where 93% of pre-COVID 2019 levels in the second quarter. In addition, casino revenue increased 41% in Las Vegas in the second quarter, while room income increased 133% year over year, and rates increased 51%.
With the firm anticipating year-over-year conference growth in 2023, including certain citywide shows that haven’t returned since the epidemic, hotel and casino income could increase next year.
MGM stock (NYSE:MGM) could have momentum moving into 2023, with conventions returning and Las Vegas continuing in high demand. It also has a low price-to-earnings ratio of 4.4. Keep a look out for its third-quarter earnings report, which will be released on Nov. 2, for further insight into 2023.
Featured Image – Megapixl © Casimirokt
Author Okoro Chinedu 
