Put Options on MGM on 6/21/2022

MGM Resorts International (MGM) owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 

The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China.

Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. The company's casino operations include slots and table games, as well as online sports betting and iGaming through BetMGM. As of February 17, 2021, its portfolio consisted of 29 hotel and destination gaming offerings.

The company also owns and operates Las Vegas Strip Resorts and Fallen Oak golf course.

Its customers include premium gaming customers; leisure and wholesale travel customers; business travelers; and group customers, including conventions, trade associations, and small meetings.

Shares have formed a bearish flag and are expected to move lower from this formation.

We will be trading July 15th Put Options

Entry Point: $27.95

Trading Range: $26.69 to $51.17

Trade Buy 1 July $28.00 Put at $1.75 For a net debit of $1.75 Profit/Loss Analysis Breakeven at $26.25 Maximum profit is unbounded Maximum loss is ($175.00) at strike of $28.00 Closing Summary Sold 1 July $28.00 Put at $0.00

Position closed on 7/15/2022 at price of $0.00 with a -100.00% loss in 24 days.

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