After a gunman killed dozens of Las Vegas concertgoers from the 32nd floor of the Mandalay Bay resort, shares of hotel owner MGM Resorts International fell Monday, shrinking the company’s market value by more than $900 million. The Las Vegas company’s stock dropped 5.58% to $30.77 a share, with its market valuation dropping to about $17.7 billion from nearly $18.9 billion on Friday. MGM Resorts International operates 27 properties in the U.S. and abroad, including the Mandalay Bay Resort & Casino. Shares of other Las Vegas resort operators fell in morning trading but by the end of the day Caesars Entertainment, Red Rock Resorts and Boyd Gaming Corp. had rebounded to close virtually unchanged. MGM Resorts built a new hotel and casino, which it named MGM Grand.

Source: Los Angeles Times October 03, 2017 00:22 UTC