MGM Resorts International
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 a low 20s share of 2023 EBITDAR (MGM's Macao EBITDAR was 17% of the total in 2023). MGM's US sports and i-gaming 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. We estimate MGM will open a resort in Japan in 2030.
Employees: 63,000
Fund manager confidence
Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)
9% more funds holding in top 10
Funds holding in top 10: 11 [Q2] → 12 (+1) [Q3]
0.36% more ownership
Funds ownership: 65.66% [Q2] → 66.02% (+0.36%) [Q3]
8% less funds holding
Funds holding: 714 [Q2] → 655 (-59) [Q3]
14% less capital invested
Capital invested by funds: $9.15B [Q2] → $7.84B (-$1.31B) [Q3]
25% less repeat investments, than reductions
Existing positions increased: 207 | Existing positions reduced: 277
29% less call options, than puts
Call options by funds: $280M | Put options by funds: $393M
44% less first-time investments, than exits
New positions opened: 74 | Existing positions closed: 133
Research analyst outlook
10 Wall Street Analysts provided 1 year price targets over the past 3 months
10 analyst ratings
JMP Securities Jordan Bender 58% 1-year accuracy 32 / 55 met price target | 45%upside $54 | Market Outperform Maintained | 31 Oct 2024 |
Barclays Brandt Montour 60% 1-year accuracy 44 / 73 met price target | 34%upside $50 | Overweight Maintained | 31 Oct 2024 |
Mizuho Ben Chaiken 65% 1-year accuracy 36 / 55 met price target | 50%upside $56 | Outperform Maintained | 31 Oct 2024 |
Truist Securities Barry Jonas 61% 1-year accuracy 22 / 36 met price target | 50%upside $56 | Buy Maintained | 23 Oct 2024 |
Morgan Stanley Stephen Grambling 52% 1-year accuracy 11 / 21 met price target | 18%upside $44 | Equal-Weight Maintained | 22 Oct 2024 |
Financial journalist opinion
Based on 18 articles about MGM published over the past 30 days
