Effective July 26, MGM Resorts International (MGM) will join the Standard & Poor’s 500 stock index to replace Reynolds American (RAI), which is being acquired by British American Tobacco. (That means that all funds that track the S&P 500 index will have to buy shares of MGM Resorts.) Shares of MGM Resorts closed higher by 2.87% on July 20. The stock has gained 170% since I added it to my Jubak Picks portfolio on May 4, 2012. I continue to hold the shares waiting for the company to open its newest casino in Macao sometime in early 2018 and on speculation that the company is a front runner in the competition for one of the first gaming licenses under the new gambling law passed by the Japanese legislature.
MGM shares climb on news stock is to join S&P 500
