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MGM Resorts International MGM Stock Quote

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Morningstar‘s Stock Analysis MGM

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Is it the right time to buy or sell?

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Provisional Macao License Renewals Remove Overhang on Shares, but Near-Term COVID-19 Risks Remain

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

This weekend’s news of provisional 10-year gaming license renewals for the six existing Macao operators removes an overhang on gaming operators’ shares. However, the news was expected, and the larger near-term unknown remains the demand impact from China's COVID-19 zero-tolerance policy. We maintain our $49, $107, and $48 fair value estimates on Las Vegas Sands (narrow moat), Wynn (narrow moat), and MGM (no moat), respectively. We rate Sands as near fair value but Wynn and MGM as undervalued. We think shares of all three might remain volatile until China moves further beyond its restrictive pandemic policy, which could occur in early 2023 when new government leadership positions take office.

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Key Statistics MGM

Company Profile MGM

Business Description

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, Cosmopolitan, Luxor, New York-New York, and CityCenter. The Strip contributed approximately 49% of total EBITDAR in the prepandemic year of 2019. MGM also owns U.S. regional assets, which represented 29% of 2019 EBITDAR. we estimate MGM's U.S. sports and iGaming operations are currently a mid-single-digit percentage of its total revenue. The company also operates the 56%-owned MGM Macau casinos with a new property that opened on the Cotai Strip in early 2018. Further, we estimate MGM will open a resort in Japan in 2027.

3600 Las Vegas Boulevard South
Las Vegas, NV, 89109
T +1 702 693-7120
Industry Resorts & Casinos
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 69,000

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