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MGM Resorts
(NYSE:MGM)
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Rating:52Neutral
Price Target:
$28.00
▼(-35.39% Downside)
Action:Reiterated
Date:10/29/26
The score is held back primarily by weakening recent financial momentum (TTM revenue decline and thinner margins) alongside high leverage that increases risk. Technicals are also a major drag with a clear downtrend across moving averages and negative MACD, despite oversold readings. Offsetting factors include a relatively low P/E valuation and an earnings-call backdrop that remains constructive, led by strength in MGM China and improving digital profitability, but tempered by Las Vegas room-rate pressure and other headwinds.
Positive Factors
Revenue Growth and Portfolio Diversity
Meaningful TTM revenue growth, supported by a diversified mix of destination resorts, regional casinos, international operations and digital gaming, indicates broad demand across several channels. This diversity can reduce reliance on any single market and support more resilient revenue over the next several quarters.
Negative Factors
Very High Leverage
Extremely high leverage leaves MGM more sensitive to refinancing conditions, interest costs and cyclical changes in casino and resort demand. It can also restrict capital allocation flexibility, making it harder to absorb weaker operating periods while continuing major investment commitments.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Portfolio Diversity
Meaningful TTM revenue growth, supported by a diversified mix of destination resorts, regional casinos, international operations and digital gaming, indicates broad demand across several channels. This diversity can reduce reliance on any single market and support more resilient revenue over the next several quarters.
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
$6.86B
Dividend Yield0.03%
Average Volume (3M)5.40M
Price to Earnings (P/E)10.3
Beta (1Y)1.04
Revenue Growth3.19%
EPS Growth-8.14%
CountryUS
Employees69,000
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.65
Shares Outstanding251,592,760
10 Day Avg. Volume4,653,331
30 Day Avg. Volume5,395,610
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 Cap5.95
Enterprise Value/Revenue2.30
Enterprise Value/Gross Profit5.28
Enterprise Value/Ebitda18.15
Forecast
1Y Price Target
$38.43Price Target Upside-11.33% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)1.57
Revenue Forecast (FY)$17.57B
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 by operating integrated resorts and related entertainment assets, monetizing real estate and brand value, and offering digital gaming products. (1) Casino gaming revenue: A major portion of revenue is generated from casino ...
MGM Resorts Earnings Call Summary
Earnings Call Date:Oct 28, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call was predominantly positive, supported by strong casino and slot performance, record MGM China revenue and market share, rapid BetMGM profitability growth, improving MGM Digital results, a solid balance sheet, and continued progress at MGM Osaka. These strengths were tempered by Las Vegas room-rate and EBITDAR pressure, elevated travel costs, regional EBITDAR declines, Macau margin and promotional pressures, and uncertainty surrounding Brazil.Positive Updates
Shareholder Agreement Clarified
People Inc. withdrew its offer after being unable to assemble a syndicate. An amended voting agreement restricts People Inc. from purchasing additional shares once ownership reaches 29.9% and confirms that it will vote with the board on a change-of-control transaction.
Negative Updates
Las Vegas Segment EBITDAR Decline
Third-quarter Las Vegas segment EBITDAR declined, primarily because lower room revenue offset the benefit of stronger casino revenue.
Read all updates
Q3-2026 Updates
Positive
Negative
Shareholder Agreement Clarified
People Inc. withdrew its offer after being unable to assemble a syndicate. An amended voting agreement restricts People Inc. from purchasing additional shares once ownership reaches 29.9% and confirms that it will vote with the board on a change-of-control transaction.
Read all positive updates
Company Guidance
MGM said convention room nights remain on pace to represent 20% of total room night mix for the full year; October is looking a lot more like July, which was “pretty much flat year on year,” while August was “down about mid single digits” and September was “down high single digits” broadly in terms of ADR, with November benefiting from a robust Formula 1 calendar and December requiring additional business to fill convention rotation. BetMGM maintained the full year guidance conveyed last quarter, while MGM China continued guiding to a margin range of “mid twenties to high twenties.” MGM Osaka remains on time and on budget for a 2030 opening, with approximately ¥150 billion to ¥160 billion or about $1 billion US dollars planned in each of 2027 and 2028, fully completing funding commitments.MGM Resorts Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
30
Negative
Cash Flow
60
Neutral
| 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 | 7.73B | 7.79B | 7.85B | 7.61B | 6.47B | 4.65B |
| EBITDA | 2.25B | 1.72B | 2.39B | 2.40B | 4.98B | 3.41B |
| Net Income | 694.46M | 206.25M | 746.56M | 1.14B | 1.47B | 1.25B |
Balance Sheet | ||||||
| Total Assets | 39.47B | 41.37B | 42.23B | 42.37B | 45.69B | 40.90B |
| Cash, Cash Equivalents and Short-Term Investments | 2.40B | 2.06B | 2.42B | 2.93B | 5.91B | 4.70B |
| Total Debt | 29.42B | 56.16B | 31.61B | 31.62B | 33.99B | 24.69B |
| Total Liabilities | 36.10B | 38.10B | 38.51B | 38.00B | 40.32B | 29.77B |
| Stockholders Equity | 2.50B | 2.43B | 3.02B | 3.81B | 4.83B | 6.07B |
Cash Flow | ||||||
| Free Cash Flow | 1.58B | 1.67B | 1.21B | 1.77B | 1.00B | 882.73M |
| Operating Cash Flow | 2.49B | 2.74B | 2.36B | 2.70B | 1.77B | 1.37B |
| Investing Cash Flow | -657.65M | -1.35B | -1.28B | -722.52M | 2.11B | 1.54B |
| Financing Cash Flow | -1.57B | -1.73B | -1.56B | -5.00B | -3.02B | -2.81B |
MGM Resorts Technical Analysis
Negative
43.34
Price Trends
35.36
Negative
40.79
Negative
39.10
Negative
Market Momentum
-2.04
Negative
24.29
Positive
19.13
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MGM, the sentiment is Negative. The current price of 43.34 is above the 20-day moving average (MA) of 29.21, above the 50-day MA of 35.36, and above the 200-day MA of 39.10, indicating a bearish trend. The MACD of -2.04 indicates Negative momentum. The RSI at 24.29 is Positive, neither overbought nor oversold. The STOCH value of 19.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $5.08B | 12.42 | 91.10% | 4.21% | 0.86% | -3.37% | |
57 Neutral | $5.14B | 10.69 | 19.89% | 1.10% | 0.33% | -71.04% | |
57 Neutral | $7.35B | 16.33 | -174.87% | 1.40% | 6.36% | 21.32% | |
55 Neutral | $22.71B | 14.78 | 216.58% | 3.18% | 10.93% | 9.73% | |
52 Neutral | $6.86B | 10.29 | 28.11% | 0.03% | 3.19% | -8.14% | |
52 Neutral | $5.82B | -10.90 | -15.71% | ― | 3.08% | -128.00% |
* Consumer Cyclical Sector Average
MGM
MGM Resorts
27.27
-3.94
-12.62%
BYD
Boyd Gaming
70.77
-5.32
-6.99%
LVS
Las Vegas Sands
36.22
-21.31
-37.04%
WYNN
Wynn Resorts
71.38
-48.37
-40.39%
CZR
Caesars Entertainment
28.57
9.84
52.58%
RRR
Red Rock Resorts
48.42
-2.18
-4.30%
MGM Resorts Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
MGM Resorts Updates Governance Pact with Major Shareholder
Neutral
Oct 28, 2026
On October 27, 2026, MGM Resorts International amended its voting agreement with major shareholder People Incorporated and director Barry Diller, capping their beneficial ownership at 29.9% and requiring that shares held above a specified voting t...
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.