MGM Resorts International (MGM)

• Market cap: $9.78B
• 1 day: -0.85%
• 5 days: 3.30%
• 1 month: -7.12%
• 3 months: -19.05%
• 6 months: -28.88%
• Year to date: -2.41%
• 1 year: -21.09%
• 5 years: -4.89%
• 10 years: 71.72%
• 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: 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]

0.35% more ownership

Funds ownership: 66.24% [Q2] → 66.59% (+0.35%) [Q3]

6% less funds holding

Funds holding: 715 [Q2] → 673 (-42) [Q3]

14% less capital invested

Capital invested by funds: $9.23B [Q2] → $7.91B (-$1.32B) [Q3]

27% less repeat investments, than reductions

Existing positions increased: 210 | Existing positions reduced: 286

30% less first-time investments, than exits

New positions opened: 77 | Existing positions closed: 110

33% less call options, than puts

Call options by funds: $282M | Put options by funds: $420M

Research analyst outlook

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

• Low target: $44 34% upside
• Avg. target: $49 50% upside
• High target: $56 70% upside

7 analyst ratings

• positive: 6 86%
• neutral: 1 14%
• negative: 0 0%

JMP Securities Aaron Hecht 54% 1-year accuracy 27 / 50 met price target	52% upside $50	Market Outperform Reiterated	16 Jan 2025
Truist Securities Barry Jonas 61% 1-year accuracy 22 / 36 met price target	52% upside $50	Buy Maintained	14 Jan 2025
Jefferies David Katz 50% 1-year accuracy 11 / 22 met price target	52% upside $50	Buy Maintained	3 Jan 2025
Barclays Brandt Montour 45% 1-year accuracy 37 / 83 met price target	40% upside $46	Overweight Maintained	13 Dec 2024
JMP Securities Jordan Bender 41% 1-year accuracy 24 / 58 met price target	52% upside $50	Market Outperform Maintained	25 Nov 2024