MGM Resorts International

MGM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$66.00	Cwvfl	Cjpcfbrcd

MGM Resorts Earnings: Vegas and Macao Strength Offset US Digital Weakness; Shares Undervalued

Dan Wasiolek

May 2, 2024

No-moat MGM Resorts' first quarter showcased solid Vegas and Macao results, offsetting near-term weakness in the US digital business due to incremental competition and a product under construction. We don’t expect to meaningfully change our forecast or the firm’s $55 fair value estimate, leaving shares undervalued.

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