MGM Resorts International (MGM) will cut its quarterly dividend by 98.3 percent to $0.025 per share quarterly. Earlier this year the casino company had raised its quarterly dividend by 15.4 percent to $0.15 per share.

The next dividend will be payable on June 15, 2020 to holders of record on June 10, 2020. A new annual dividend of 1 cent per share yields 0.1% at a stock price of $15.

In its press release reporting first quarter results MGM states that the dividend is temporarily reduced  to preserve liquidity in light of the impact of COVID-19 on its business operations.

MGM Resorts International is a Delaware corporation incorporated in 1986 that acts largely as a holding company and, through subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts across the United States and in Macau. MGM Growth Properties LLC (ticker: MGP), a consolidated subsidiary of the Company which completed its initial public offering in April 2016, is organized as an umbrella partnership REIT (commonly referred to as an UPREIT) structure in which substantially all of its assets are owned by and substantially all of its businesses are conducted through MGM Growth Properties Operating Partnership LP. Pursuant to a master lease agreement between a subsidiary of the company and a subsidiary of the Operating Partnership, the tenant leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM (which was branded as Monte Carlo prior to May 2018), Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, and MGM National Harbor from the landlord. MGM Resorts International has paid a dividend every year since 2017.