MGM Could Buy Back Up to 10 Million Shares

MGM Mirage, which has faced a sliding stock price since it signed a deal to buy rival Mandalay Resort Group last month, said Wednesday that its board had authorized the repurchase of up to 10 million shares.

MGM Mirage agreed in mid-June to buy Mandalay for $4.8 billion in cash. Its stock has since fallen from $49.50 to $43.18 as of Wednesday, when it slipped 22 cents on the New York Stock Exchange.

The company has about 142 million shares outstanding.

MGM Mirage, controlled by billionaire Kirk Kerkorian, said it bought back about 5 million shares in the second quarter, completing a repurchase program approved by its board in November.