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MGM Resorts
(NYSE:MGM)
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Rating:58Neutral
Price Target:
$48.00
▲(5.40% Upside)
Action:Reiterated
Date:07/30/26
Overall score reflects solid demand and cash generation plus a positive operational outlook from the latest earnings call (record revenue, improving Strip/Regionals, China share gains, ongoing buybacks). Offsetting these positives are sharp TTM margin compression and a highly leveraged balance sheet, while valuation is a meaningful constraint with a high P/E and no dividend yield provided. Technically, the longer-term trend is supportive but short-term momentum appears modest.
Positive Factors
Strong cash generation
Consistent multi-billion-dollar operating and free cash flow provide durable internal funding for debt service, maintenance capex, and shareholder returns. Over 2–6 months this cash generation supports liquidity and ability to execute strategy, cushioning cyclical revenue swings.
Negative Factors
Extremely high leverage
Very high debt relative to equity materially increases refinancing and interest-rate sensitivity. This reduces financial flexibility to invest or absorb shocks, elevates default and rating risk, and constrains strategic options across a 2–6 month horizon if cash generation softens.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent multi-billion-dollar operating and free cash flow provide durable internal funding for debt service, maintenance capex, and shareholder returns. Over 2–6 months this cash generation supports liquidity and ability to execute strategy, cushioning cyclical revenue swings.
Read all positive factors
MGM Resorts Key Performance Indicators (KPIs)
Any
Revenue by Operation
Shows revenue generated from various operations, offering insight into the performance of different business units and their contribution to overall growth.
Shows revenue generated from various operations, offering insight into the performance of different business units and their contribution to overall growth.
Data provided by:
The Fly
The FlyMGM Resorts (MGM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.21B
Dividend YieldN/A
Average Volume (3M)2.92M
Price to Earnings (P/E)26.7
Beta (1Y)1.18
Revenue Growth3.19%
EPS Growth-8.14%
CountryUS
Employees60,000
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)1.67
Shares Outstanding251,592,760
10 Day Avg. Volume2,183,051
30 Day Avg. Volume2,923,223
Financial Highlights & Ratios
PEG Ratio-0.70
Price to Book (P/B)3.98
Price to Sales (P/S)0.55
P/FCF Ratio5.80
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$50.24Price Target Upside10.31% Upside
Rating ConsensusHold
Number of Analyst Covering16
EPS Forecast (FY)1.87
Revenue Forecast (FY)$17.69B
MGM Resorts Business Overview & Revenue Model
Company Description
MGM Resorts International, through its various divisions, manages and possesses casino, lodging, and entertainment complexes across the United States and Macau. The company's operations are segmented into three main areas: Las Vegas Strip Resorts,...
How the Company Makes Money
MGM Resorts makes money primarily by operating integrated resorts that generate revenue from multiple on-property sources. The largest earnings drivers are typically: (1) Casino gaming revenue, earned from table games and slot machines where the c...
MGM Resorts Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial positives — record consolidated revenue, Strip EBITDAR improvement, all‑time regional results, double‑digit digital/topline growth, higher convention mix and tangible progress on Osaka — while acknowledging some short‑term headwinds such as hold volatility, seasonal softness at lower‑tier Strip properties, digital profitability still negative in the near term, and sensitivity in Macau to events. Management emphasized momentum, normalization (Macau rebound, July improvement in Vegas), disciplined capital allocation (share buybacks, targeted CapEx), and an overall constructive outlook.Positive Updates
Record Consolidated Revenue and Strip Momentum
Company delivered record second quarter consolidated net revenue; Las Vegas Strip resorts posted year‑over‑year revenue growth for the second consecutive quarter and Strip segment adjusted EBITDAR increased by $25 million year‑over‑year, driven largely by recovery at MGM Grand.
Negative Updates
Lower‑End Strip Properties Still Challenged
Lower‑tier Strip properties (notably Luxor and Excalibur) remain pressured; while offers (e.g., all‑inclusive) have stabilized occupancy and been margin‑accretive, these assets have not fully recovered and continue to weigh on some RevPAR metrics.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Consolidated Revenue and Strip Momentum
Company delivered record second quarter consolidated net revenue; Las Vegas Strip resorts posted year‑over‑year revenue growth for the second consecutive quarter and Strip segment adjusted EBITDAR increased by $25 million year‑over‑year, driven largely by recovery at MGM Grand.
Read all positive updates
Company Guidance
Management said the company is well positioned to meet full‑year guidance, keeping group & convention on pace to represent 20% of room mix for the year; MGM Digital grew net revenue 20% in Q2 and reported segment‑adjusted EBITDAR losses of $31M but expects full‑year EBITDA losses to be less than last year; BetMGM/ iGaming now drives over two‑thirds of net revenue, with iGaming net revenue up 8% in Q2, H1 handle per active +7% and NGR per active +9%, and online sports H1 handle per active and NGR per active up ~18% and 17%; MGM China held 16.4% market share (up 1 ppt sequential); regionals produced an all‑time same‑store quarterly revenue with same‑store slot handle and slot win up ~43%; Osaka construction is on time/on budget with >60% of foundation piles complete and a H2 2026 funding commitment of $125–$175M (≈$600M spent to date and ~ $1B planned in each of 2027 and 2028 for the 2030 opening); and the company repurchased ~4.3M shares for $164M in Q2, having reduced share count ~50% over five years.MGM Resorts Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
34
Negative
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.76B | 17.54B | 17.24B | 16.16B | 13.13B | 9.68B |
| Gross Profit | 7.84B | 7.79B | 7.85B | 7.61B | 6.47B | 4.65B |
| EBITDA | 1.99B | 1.72B | 2.39B | 2.40B | 4.98B | 3.41B |
| Net Income | 426.31M | 206.25M | 746.56M | 1.14B | 1.47B | 1.25B |
Balance Sheet | ||||||
| Total Assets | 39.85B | 41.37B | 42.23B | 42.37B | 45.69B | 40.90B |
| Cash, Cash Equivalents and Short-Term Investments | 2.55B | 2.06B | 2.42B | 2.93B | 5.91B | 4.70B |
| Total Debt | 29.85B | 56.16B | 31.85B | 31.62B | 33.99B | 24.69B |
| Total Liabilities | 36.47B | 38.10B | 38.51B | 38.00B | 40.32B | 29.77B |
| Stockholders Equity | 2.51B | 2.43B | 3.02B | 3.81B | 4.83B | 6.07B |
Cash Flow | ||||||
| Free Cash Flow | 1.67B | 1.67B | 1.21B | 1.77B | 1.00B | 882.73M |
| Operating Cash Flow | 2.64B | 2.74B | 2.36B | 2.70B | 1.77B | 1.37B |
| Investing Cash Flow | -781.08M | -1.35B | -1.28B | -722.52M | 2.11B | 1.54B |
| Financing Cash Flow | -1.26B | -1.73B | -1.56B | -5.00B | -3.02B | -2.81B |
MGM Resorts Technical Analysis
Positive
45.54
Price Trends
46.38
Negative
41.98
Positive
38.34
Positive
Market Momentum
-0.27
Positive
48.81
Neutral
37.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MGM, the sentiment is Positive. The current price of 45.54 is below the 20-day moving average (MA) of 46.03, below the 50-day MA of 46.38, and above the 200-day MA of 38.34, indicating a neutral trend. The MACD of -0.27 indicates Positive momentum. The RSI at 48.81 is Neutral, neither overbought nor oversold. The STOCH value of 37.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MGM.
MGM Resorts Risk Analysis
MGM Resorts disclosed 33 risk factors in its most recent earnings report. MGM Resorts reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MGM Resorts Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $6.18B | 3.74 | 70.49% | 0.87% | 1.75% | 249.96% | |
70 Outperform | $6.72B | 15.42 | 96.22% | 3.18% | 3.75% | 20.20% | |
63 Neutral | $31.67B | 18.95 | 141.97% | 2.39% | 18.11% | 29.86% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $11.21B | 26.69 | 16.96% | ― | 3.19% | -8.14% | |
55 Neutral | $6.06B | -13.05 | -13.05% | ― | 2.41% | -146.70% | |
52 Neutral | $10.31B | 27.28 | -176.78% | 1.03% | 4.72% | -8.26% |
* Consumer Cyclical Sector Average
MGM
MGM Resorts
44.51
9.42
26.85%
BYD
Boyd Gaming
84.32
1.77
2.14%
LVS
Las Vegas Sands
45.85
-5.75
-11.15%
WYNN
Wynn Resorts
101.15
-5.08
-4.78%
CZR
Caesars Entertainment
30.10
5.22
20.98%
RRR
Red Rock Resorts
60.97
5.39
9.70%
MGM Resorts Corporate Events
Business Operations and StrategyPrivate Placements and Financing
MGM China Issues $750 Million Senior Notes Offering
Positive
May 14, 2026
On May 13, 2026, MGM China Holdings Limited issued $750 million of 6.25% senior notes due 2033 to accredited investors in the U.S. and qualified buyers internationally, generating about $739.9 million in net proceeds. The company plans to use the ...
Executive/Board ChangesShareholder Meetings
MGM Resorts Shareholders Back Board, Pay and Auditor
Positive
May 8, 2026
At its annual meeting of stockholders held on May 6, 2026, MGM Resorts International shareholders elected all nominated directors, including Keith Barr, Barry Diller and Chief Executive William J. Hornbuckle, each receiving a majority of votes cas...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.