MGM Resorts International (MGM)

• Market cap: $10.3B
• 1 day: -6.01%
• 5 days: -12.64%
• 1 month: 7.95%
• 3 months: -5.29%
• 6 months: -8.86%
• Year to date: 6.95%
• 1 year: -14.89%
• 5 years: 14.69%
• 10 years: 59.65%
• Sector: Consumer Discretionary
• Industry: Hotels & Motels

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: 78,000

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

0.35% more ownership

Funds ownership: 66.59% [Q3] → 66.94% (+0.35%) [Q4]

8% less first-time investments, than exits

New positions opened: 93 | Existing positions closed: 101

5% less funds holding

Funds holding: 675 [Q3] → 640 (-35) [Q4]

10% less call options, than puts

Call options by funds: $268M | Put options by funds: $298M

13% less capital invested

Capital invested by funds: $7.91B [Q3] → $6.9B (-$1.01B) [Q4]

35% less repeat investments, than reductions

Existing positions increased: 176 | Existing positions reduced: 270

50% less funds holding in top 10

Funds holding in top 10: 12 [Q3] → 6 (-6) [Q4]

Research analyst outlook

10 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $46 28% upside
• Avg. target: $50 40% upside
• High target: $60 67% upside

10 analyst ratings

• positive: 10 100%
• neutral: 0 0%
• negative: 0 0%

Macquarie Chad Beynon 84% 1-year accuracy 36 / 43 met price target	39% upside $50	Outperform Maintained	13 Feb 2025
Citigroup George Choi 0% 1-year accuracy 0 / 5 met price target	39% upside $50	Buy Maintained	13 Feb 2025
Wells Fargo Daniel Politzer 59% 1-year accuracy 34 / 58 met price target	28% upside $46	Overweight Maintained	13 Feb 2025
JMP Securities Jordan Bender 63% 1-year accuracy 36 / 57 met price target	39% upside $50	Market Outperform Reiterated	13 Feb 2025
Barclays Brandt Montour 65% 1-year accuracy 53 / 81 met price target	31% upside $47	Overweight Maintained	13 Feb 2025