MGM Resorts InternationalMGM
Market Cap: $10.6B
About: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio. The Strip contributed approximately 62% of total EBITDAR in 2023. MGM also owns US regional assets, which represented low-20s of 2023 EBITDAR (MGM's Macao EBITDAR was 17% of the total in 2023). MGM's US sports and iGaming operations are currently a high-single-digit percentage of its total revenue. The company also operates the 56%-owned MGM China casinos with a new property that opened on the Cotai Strip in early 2018. Further, we estimate MGM will open a resort in Japan in 2030.
Employees: 63,000
Fund manager confidence
Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)
22% more funds holding in top 10
Funds holding in top 10: 9 [Q1] → 11 (+2) [Q2]
6% more first-time investments, than exits
New positions opened: 92 | Existing positions closed: 87
1% more funds holding
Funds holding: 703 [Q1] → 708 (+5) [Q2]
1.33% less ownership
Funds ownership: 65.37% [Q1] → 64.04% (-1.33%) [Q2]
9% less capital invested
Capital invested by funds: $9.78B [Q1] → $8.93B (-$852M) [Q2]
14% less call options, than puts
Call options by funds: $219M | Put options by funds: $253M
26% less repeat investments, than reductions
Existing positions increased: 213 | Existing positions reduced: 287
Research analyst outlook
9 Wall Street Analysts provided 1 year price targets over the past 3 months
9 analyst ratings
Morgan Stanley Stephen Grambling 50% 1-year accuracy 10 / 20 met price target | 23%upside $43 | Equal-Weight Maintained | 4 Sept 2024 |
Macquarie Chad Beynon 58% 1-year accuracy 15 / 26 met price target | 57%upside $55 | Outperform Maintained | 2 Aug 2024 |
JMP Securities Jordan Bender 55% 1-year accuracy 27 / 49 met price target | 63%upside $57 | Market Outperform Maintained | 1 Aug 2024 |
Stifel Steven Wieczynski 47% 1-year accuracy 16 / 34 met price target | 80%upside $63 | Buy Maintained | 1 Aug 2024 |
Wells Fargo Daniel Politzer 39% 1-year accuracy 16 / 41 met price target | 51%upside $53 | Overweight Maintained | 1 Aug 2024 |
Financial journalist opinion
Based on 16 articles about MGM published over the past 30 days