Why Shares of MGM Resorts Plunged 49.5% in the First Half of 2020

Shares of gambling industry giant MGM Resorts International (NYSE: MGM) fell 49.5% in the first half of 2020, according to data provided by S&P Global Market Intelligence, as the industry was shut down around the world. COVID-19 closed MGM Resorts' properties from Macao to Springfield, Massachusetts, causing the stock to drop in the first half of the year. MGM Resorts has shored up its balance sheet with $4.6 billion in cash and a monthly cash burn of just $270 million.