MGM Resorts International

MGM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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MGM Earnings: Healthy Vegas Demand Expected in 2025, as the Firm Repurchases Its Undervalued Shares

Dan Wasiolek

Feb 13, 2025

Even though consolidated fourth-quarter revenue and EBITDA results were in line with our forecast, MGM’s shares increased by about 10% during Feb. 12 after-market trading. We attribute this to constructive commentary around Las Vegas demand in 2025 and the company’s aggressive share repurchase activity. We don’t plan any material changes to our 10-year Las Vegas, regional, or Macao estimates, but we may reduce our 2031-33 Japan sales forecast, which could decrease our $51 per share valuation by $1-$2.

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MGM Resorts International

MGM Earnings: Healthy Vegas Demand Expected in 2025, as the Firm Repurchases Its Undervalued Shares

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