MGM Resorts International frustrated investors Wednesday with lower-than-expected fourth quarter results and then compounded by matter by lowering its targeted financial projections for 2020. To make up for the disappointment, the company raised its quarterly cash dividend by 15%, announced a $3 billion share repurchase program, and said a $1.25 billion stock tender offer of between $29 and $34 a share would begin Thursday. “There was plenty to unpack in MGM’s fourth quarter report beyond the 12% (cash flow) miss,” said Macquarie Securities gaming analyst Chad Beynon.
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