Stock of the Day

September 2, 2022

MGM Resorts International (MGM)

$41.45
+$0.09 (+0.2%)
Market Cap: $10.43B

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. The company's casino operations include slots and table games, as well as online sports betting and iGaming through BetMGM. Its customers include premium gaming customers; leisure and wholesale travel customers; business travelers; and group customers, including conventions, trade associations, and small meetings. The company was formerly known as MGM MIRAGE and changed its name to MGM Resorts International in June 2010. MGM Resorts International was incorporated in 1986 and is based in Las Vegas, Nevada.

Today's Trend

MGM Resorts International (NYSE: MGM) shares have weakened as investors weigh strong Las Vegas and digital trends against lower year-over-year earnings and pressure in China and regional operations. The mixed quarterly results also produced differing comparisons with analyst estimates, depending on the consensus source.

  • HSBC upgraded MGM Resorts International to “strong buy,” providing a fresh bullish signal for the casino operator. Zacks.com
  • MGM reported record second-quarter consolidated revenue of approximately $4.45 billion, with Las Vegas Strip revenue rising 3% to $2.2 billion. Regional operations posted record same-store quarterly revenue, while MGM Digital revenue increased 20% year over year. MGM Resorts second-quarter results
  • Management described continued growth momentum, supported by Las Vegas demand, iGaming strength and potential value from MGM’s digital business, share repurchases and scarce casino assets. MGM Resorts earnings call highlights
  • Susquehanna raised its price target to $53 from $52 while maintaining a positive rating, suggesting additional upside but not a major change in its investment view. Susquehanna price target update
  • Adjusted quarterly earnings of $0.59 per share were below at least one consensus estimate of $0.63 and declined from $0.79 a year earlier. Analysts cited China-related weakness and regional margin pressure as offsets to Las Vegas and digital growth. MGM Resorts second-quarter earnings analysis
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