What: Shares of gaming company MGM Resorts International (NYSE:MGM) jumped 13% in March, according to data provided by S&P Global Market Intelligence, as positive gaming trends and an asset sale brought back investor confidence.
So what: Early in March, Macau reported only a slight drop in gaming revenue to $2.4 billion, a very good sign for the region. Of course, that optimism was overshadowed earlier this month when Macau returned to declining revenue.
In the U.S., Nevada's February gaming results were released late in March, revealing a 7.3% increase in revenue on the Las Vegas Strip. That's unexpected growth for a region many investors feared would struggle in 2016.
But for MGM Resorts, the biggest news may have been the $1.1 billion sale of the mall in CityCenter to Invesco Real Estate and Simon Property Group (NYSE:SPG). The property had been for sale for a few years, but until now no one had been willing to pay the asking price MGM and Dubai World, which owns 50% of CityCenter, were looking for.
Now what: Slowly but surely MGM Resorts continues to improve operations, and the stock is rising as a result. The positive news in Las Vegas is particularly promising because that's where the company gets a vast majority of its revenue.
The asset sale at CityCenter is also encouraging because it could allow for a dividend payment or reduced debt at the resort.