MGM Resorts International

MGM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$63.00	Nlpt	Vxdyhcf

MGM Earnings: Macao the Big Winner, While Vegas Demand Endures, and Regional Results Lag

Dan Wasiolek

Feb 14, 2024

We don’t plan to materially change our no-moat MGM Resorts $55 fair value estimate, leaving shares slightly undervalued after digesting fourth-quarter and fiscal 2023 results. Total revenue grew 23% in 2023 to $16.2 billion versus our $15.9 billion estimate, with adjusted EBITDA matching our $4.6 billion forecast.

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