Unusual Options Activity: MGM Resorts International (MGM)

Unusual Options Activity: MGM Resorts International (MGM)

Casino and resort operator MGM Resorts International (MGM) is down 33% over the past year on fears of a consumer slowdown in travel and tourism. One trader sees further downside in the months ahead. That’s based on the September $26 puts. With 168 days until expiration, volume just jumped 50-fold, from 145 contracts to 7,200. The buyer of the puts paid $1.33 to make the bearish bet. MGM shares recently traded for about $31, so shares would need …