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MGM Mirage announces big share buyback
0 Comments | AFP, December, 2007
NEW YORK (AFP) — US casino resorts giant MGM Mirage said Wednesday its board has authorized a new stock repurchase of up to 20 million shares.
The current value of the potential buyback is 1.71 billion dollars, according to the Las Vegas-based company's closing share price Tuesday of 85.52 dollars.
The company also said it had repurchased 5.08 million shares in the current quarter to date, thereby leaving 420,000 shares outstanding under the previous share repurchase program approved in July 2004.
After the announcement Wednesday, MGM Mirage shares shot up 2.32 percent to 87.50 dollars in electronic trading ahead of the New York Stock Exchange opening.
The company is opening the MGM Grand Macau resort casino, a joint venture with a Chinese-based...
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