Mgm Resorts International (MGM)
NYSE:MGM
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MGM Resorts
(NYSE:MGM)
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Rating:54Neutral
Price Target:
$44.00
▲(14.02% Upside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by pressured financial quality (sharp margin compression) and very high leverage, despite steady revenue and comparatively solid free-cash-flow generation. Earnings-call commentary is moderately supportive due to reiterated >4% growth guidance and improving trends in China, conventions, and digital revenue, but near-term EBITDA headwinds and weak technical momentum limit upside.
Positive Factors
Free Cash Flow Generation
The business is producing meaningful free cash flow (about $1.7B TTM) with strong growth versus the prior year, providing durable internal liquidity to fund capital projects, share repurchases or debt reduction. Reliable FCF improves resilience to cyclical demand shifts over months.
Negative Factors
Very High Leverage
Extremely elevated leverage materially increases refinancing, interest-rate and downturn vulnerability. With debt levels far above peers, the company has limited cushion to absorb weaker demand or higher rates, reducing strategic optionality and elevating medium-term solvency risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Generation
The business is producing meaningful free cash flow (about $1.7B TTM) with strong growth versus the prior year, providing durable internal liquidity to fund capital projects, share repurchases or debt reduction. Reliable FCF improves resilience to cyclical demand shifts over months.
Read all positive factors
MGM Resorts Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue from different business segments, highlighting which areas drive the most income and where there might be opportunities or challenges.
Breaks down revenue from different business segments, highlighting which areas drive the most income and where there might be opportunities or challenges.
Data provided by:
The Fly
The FlyMGM Resorts (MGM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.73B
Dividend YieldN/A
Average Volume (3M)4.84M
Price to Earnings (P/E)60.2
Beta (1Y)1.28
Revenue Growth3.39%
EPS Growth-67.21%
CountryUS
Employees78,000
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.73
Shares Outstanding255,851,240
10 Day Avg. Volume5,143,803
30 Day Avg. Volume4,844,523
Financial Highlights & Ratios
PEG Ratio-0.69
Price to Book (P/B)3.98
Price to Sales (P/S)0.55
P/FCF Ratio5.80
Enterprise Value/Market Cap3.73
Enterprise Value/Revenue2.26
Enterprise Value/Gross Profit5.12
Enterprise Value/Ebitda23.94
Forecast
1Y Price Target
$43.54Price Target Upside12.82% Upside
Rating ConsensusHold
Number of Analyst Covering15
EPS Forecast (FY)1.73
Revenue Forecast (FY)$17.68B
MGM Resorts Business Overview & Revenue Model
Company Description
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM Chin...
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:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presented a generally constructive outlook: multiple growth engines (MGM Digital, BetMGM, MGM China, Las Vegas convention business) showed clear revenue momentum and the company signaled confidence in full-year revenue growth (>4%). Operational headwinds (notably a $62M EBITDA decline in Las Vegas and higher self-insurance accruals totaling roughly $46M across businesses), ongoing digital segment losses (Q1 EBITDA loss of $26M) and midweek softness at lower-end properties were meaningful but mostly identifiable, partly one-time, or offset by strategic positives (strong digital growth, asset monetizations, share buybacks, and Japan project progress). On balance, highlights modestly outweigh the lowlights.Positive Updates
Consolidated Revenue Growth Guidance
Company reaffirmed consolidated revenue growth outlook of over 4% for the year, driven by strength in digital and MGM China.
Negative Updates
Las Vegas EBITDA Decline
Segment adjusted EBITDA in Las Vegas decreased by $62M in Q1, driven primarily by a $37M increase in self-insurance expense and a $31M decrease in business interruption proceeds versus the prior year.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Revenue Growth Guidance
Company reaffirmed consolidated revenue growth outlook of over 4% for the year, driven by strength in digital and MGM China.
Read all positive updates
Company Guidance
Management reiterated full‑year growth and profitability guidance, saying consolidated revenues should grow over 4% in 2026 and that the company remains on track for year‑over‑year growth, with Las Vegas net revenue up in Q1 (first time in ~6 quarters) and Q2 convention room‑night mix expected at ~20% (up ~2 ppt y/y); they flagged Las Vegas segment adjusted EBITDA fell ~$62M in Q1 driven by ~$37M higher self‑insurance accruals and ~ $31M less business‑interruption proceeds, while regional EBITDA was down ~$20M (including ~$9M higher self‑insurance and ~$10M less business‑interruption proceeds). Other metrics and guidance: MGM China net revenue +9% with Q1 market share 15.4% (March 17.3% and held into April) and segment adjusted EBITDAR down ~$13M primarily from a brand fee increase from 1.75% to 3.5% (adding ~ $23M of fees); BetMGM North America net revenue +6% and adjusted EBITDA +11% (branding fees ~ $1.5M; no Q1 distributions); MGM Digital net revenue +43% with a segment EBITDA loss of $26M and LeoVegas B2C growth >30%; MGM Osaka remains on time/on budget for 2030 ( >40% foundation piles complete, first concrete and steel erected) with 2026 funding expected ~$200–225M after $140M invested in Q1 (prefunded by a yen facility); and capital priorities include repurchasing ~2.5M shares for ~$90M in Q1, selling Northfield Park at 6.6x trailing EBITDA, and maintaining disciplined margins and targeted reinvestment.MGM Resorts Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
28
Negative
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.72B | 17.54B | 17.24B | 16.16B | 13.13B | 9.68B |
| Gross Profit | 7.82B | 7.79B | 7.85B | 7.61B | 6.47B | 4.65B |
| EBITDA | 1.67B | 1.72B | 2.39B | 2.40B | 4.98B | 3.41B |
| Net Income | 182.83M | 206.25M | 746.56M | 1.14B | 1.47B | 1.25B |
Balance Sheet | ||||||
| Total Assets | 41.40B | 41.37B | 42.23B | 42.37B | 45.69B | 40.90B |
| Cash, Cash Equivalents and Short-Term Investments | 2.29B | 2.06B | 2.42B | 2.93B | 5.91B | 4.70B |
| Total Debt | 31.34B | 56.16B | 31.85B | 31.62B | 33.99B | 24.69B |
| Total Liabilities | 38.07B | 38.10B | 38.51B | 38.00B | 40.32B | 29.77B |
| Stockholders Equity | 2.43B | 2.43B | 3.02B | 3.81B | 4.83B | 6.07B |
Cash Flow | ||||||
| Free Cash Flow | 1.73B | 1.67B | 1.21B | 1.77B | 1.00B | 882.73M |
| Operating Cash Flow | 2.73B | 2.74B | 2.36B | 2.70B | 1.77B | 1.37B |
| Investing Cash Flow | -1.42B | -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
38.59
Price Trends
38.05
Positive
36.72
Positive
35.78
Positive
Market Momentum
0.93
Negative
74.41
Negative
93.16
Negative
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 38.59 is above the 20-day moving average (MA) of 38.39, above the 50-day MA of 38.05, and above the 200-day MA of 35.78, indicating a bullish trend. The MACD of 0.93 indicates Negative momentum. The RSI at 74.41 is Negative, neither overbought nor oversold. The STOCH value of 93.16 is Negative, 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $6.11B | 3.48 | 79.86% | 0.84% | 3.45% | 272.47% | |
67 Neutral | $6.00B | 18.06 | 96.22% | 3.22% | 3.75% | 20.20% | |
63 Neutral | $5.86B | ― | -13.29% | ― | 2.35% | -116.00% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $33.83B | 18.56 | 115.99% | 1.51% | 22.67% | 50.79% | |
54 Neutral | $10.73B | 60.19 | 6.96% | ― | 3.39% | -67.21% | |
53 Neutral | $10.51B | 27.91 | -115.50% | 0.80% | 4.72% | -8.26% |
* Consumer Cyclical Sector Average
MGM
MGM Resorts
43.67
12.02
37.98%
BYD
Boyd Gaming
82.68
8.39
11.30%
LVS
Las Vegas Sands
50.57
10.22
25.33%
WYNN
Wynn Resorts
101.22
11.51
12.83%
CZR
Caesars Entertainment
29.05
2.17
8.07%
RRR
Red Rock Resorts
58.38
11.89
25.57%
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...
Business Operations and StrategyRegulatory Filings and Compliance
MGM Resorts Sets Voting Agreement Limiting IAC Influence
Neutral
Apr 7, 2026
On April 3, 2026, MGM Resorts International entered into a voting agreement with IAC Inc. and Barry Diller under which the group will vote any MGM shares they control above 25.73% of the company’s total voting power in proportion to how othe...
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.