With the coronavirus costing MGM Resorts millions of dollars a day, and a recent hack turning some customers sour, the company thought that this was the perfect time to buyback shares. It announced they would plan for a $1.25 billion buyback first announced on February 13, but at a new, lower rate.

The coronavirus has had a detrimental effect on MGM Resorts shares, especially with the recent Macau shutdown that closed all casinos and resorts in the territory for 15 days. This led to a $1.5 million per day loss for the company. Combined with the lower-than-expected revenues for the final quarter of 2019, the stock price took a drastic hit.

On February 12, profits were coming in at just eight cents per share, a third of what analysts had predicted. That was a 43% decline for the quarter in comparison to the same period of time last year.

News became even worse for MGM disclosed that a data breach affected 10.6 million customers and employees at MGM. The hack occurred in the summer of 2019 but was not disclosed until February of this year, prompting one former customer to sue the company.