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5 things to know about the New York Representative being endorsed by former President Trump
MGM Resorts International said Wednesday that it was approved by the Nevada Gaming Control Board to return to 100% occupancy and no social distancing on its gaming floors inside its properties on the Las Vegas Strip. The company said the waiver for its properties, which only applies to gaming floors, was granted given MGM’s efforts to vaccinate its workforce. The 80% occupancy restrictions and 3-feet social distancing requirements are still in effect outside of the gaming floors. The properties allowed to resume full operations on its gaming floors include Bellagio Resort Casino, MGM Grand Hotel Casino, Mandalay Bay Resort and Casino, Park MGM, The Mirage Hotel Casino, New York-New York Hotel Casino, Luxor Hotel and Casino, Excalibur Hotel Casino and ARIA Resort Casino. “This is yet another major milestone in Las Vegas’ incredible recovery and a testament to the importance of vaccination in the effort to fully reopen our community,” said MGM Chief Executive Bill Hornbuckle. “We will continue working to vaccinate as many people as possible and remain vigilant with health and safety protocols designed to protect our employees, guests and community.” MGM’s stock, which fell 0.9% in premarket trading, has soared 180.1% over the past 12 months through Tuesday, while the SP 500 has rallied 44.7%.
Tui reported a $1.8 billion loss in the six months to the end of March, as the continuation of travel restrictions due to the COVID-19 pandemic left airplanes on the ground and hotel rooms empty.
Shares of Arthur J. Gallagher Co. fell 0.7% in premarket trading Wednesday, after the insurance brokerage and consulting services company announced a public offering of 9 million shares of common stock. At Tuesday’s stock closing price of $148.46, the offering, which represents about 4.6% of the shares outstanding, would be valued at $1.34 billion. The company plans to use the proceeds from the offering to fund a part of the deal announced earlier in which it buys certain Willis Towers Watson PLC’s assets for $3.57 billion. Willis Towers and merger partner Aon PLC said the sale of the assets resolves questions raised by the European Commission and other jurisdictions related to the companies’ merger, which was originally announced in March 2020. Aon’s stock edged up 0.1% and Willis Tower shares slipped 0.1%, while futures for the SP 500 dropped 0.7%.
Federal Reserve Vice Chairman Richard Clarida indicated Wednesday he is more worried about the weak labor market than higher inflation.
Travelers typically book flights or hotels first — and then a rental car. But that strategy won’t work this year.
Consumer prices rose sharply again in March and drove the rate of inflation to the highest level in 13 years, signaling greater stress on the economy as businesses grapple with supply shortages that are raising the cost of many goods and services.
Global-e Online Ltd. is set to go public Wednesday, after the direct-to-consumer, cross-border ecommerce platform company’s initial public offering priced at $25 a share, at the top of the expected range of between $23 and $25 a share, to value the Israel-based company at about $3.56 billion. The company sold 15.0 million shares in the IPO to raise $375.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol “GLBE.” Goldman Sachs, Morgan Stanley and Jefferies were the lead underwriters. The company reported a net profit of $725,000 on revenue of $136.4 million in 2020, after a loss of $7.5 million on revenue of $65.9 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has tumbled 25.5% over the past three months while the SP 500 has gained 5.5%.
President Joe Biden on Wednesday is due to sit down with the top four congressional leaders, as the Democratic president ramps up a push for infrastructure and other domestic spending that has so far failed to gain Republican support.
House Republicans look set to vote Wednesday in favor of ejecting Rep. Liz Cheney of Wyoming from her leadership role, in a move that has been in the works for weeks following her criticism of former President Donald Trump.