MGM Resorts board OKs $2 billion share buyback program

MGM Resorts International MGM, +4.32% late Wednesday said that its board of directors has authorized a new $2 billion share buyback program, saying that it believes there’s “tremendous value” in its stock at current level. The company has $524.6 million remaining under a previous authorization, and it plans to use its remaining capacity before starting buybacks under the newly approved plan, it said. Shares of MGM rose 0.9% in the extended session after ending the regular Wednesday trading up 4.3%.