Why You Should Consider Selling the News on MGM's Mirage Reopening
MGM Resorts International (NYSE: MGM) has reopened its doors at one key property -- the Mirage. This mega-resort at the center of the Las Vegas strip began to welcome customers back in late August. This comes after the partial reopening of its Bellagio, New York-New York, and MGM Grand properties in June.
While many know the Mirage property for its volcano, those hoping for an eruption of profits may find themselves disappointed. While this is hardly unusual for consumer discretionary stocks in the resort space, it may mean continued pain for MGM's stock.
Like peers such as Las Vegas Sands or Wynn Resorts, its focus on resorts has left MGM highly vulnerable to the effects of COVID-19. Moreover, even with the reopenings, the company still conducts business at reduced hours and below full capacity.
Source Fool.com
