MGM Resorts put volume heavy and directionally bearish

Bearish flow noted in MGM Resorts with 8,574 puts trading, or 3x expected. Most active are May-23 40 puts and Apr-23 36.5 puts, with total volume in those strikes near 5,500 contracts. The Put/Call Ratio is 5.01, while ATM IV is up over 1 point on the day. Earnings are expected on May 1st.