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Non-Tech : MGM Grand Hotel and Casino Symbol MGG

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To: Jon Dough who wrote (82)6/23/1998 1:30:00 PM
From: Astarte  Read Replies (1) of 96
** Hotel and casino giant MGM GRAND (MGG: 30-5/8, + 4), which has
suffered through two quarters of lower-than-expected gambling
revenues, said Tuesday its board has authorized the company's
purchase of up to 12 million common shares, representing about 20%
of the company's shares outstanding. Of those, 6 million would be
purchased at $35 per share in a tender offer. Separately, the
company anticipates that lower than average table games hold
percentage at MGM Grand Las Vegas will result in 2Q earnings in a
range of $0.25 to $0.30 per share, compared with estimates of
$0.41 per share, according to First Call. See Full Story at

Isn't this a big positive? I'm in @ 32 15/16. Would be interesting to hear some comments about the stock repurchase!


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