This Casino Stock is Spiking on a Big Bet

MGM Resorts (NYSE:MGM) is delivering a jackpot for investors. The stock popped over 8.5% today after the casino operator announced it will obtain 51% ownership and management control of MGM China upon consummation of a new public offering in Hong Kong.

The move will help MGM continue catching up in gambler’s paradise Macau. Wynn Resorts (NASDAQ:WYNN) and Las Vegas Sands (NYSE:LVS) have led MGM in capturing market share in Macau.

John Paulson seems to believe in MGM (NYSE:MGM). His fund holds a significant stake.

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