MGM Resorts International, through its subsidiaries, operates as a gaming and entertainment company in the United States, China, and internationally. It operates through four segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. The company operates casino resorts that offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities, as well as online/digital games through its online platforms. Its casino operations include slots and table games, as well as live dealer, online sports betting, and iGaming through BetMGM. The company's 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.
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Analysts split on MGM Resorts after earnings
Analysts are divided on MGM Resorts International following its second quarter earnings report. Argus reiterated a Buy rating, citing a Macau visitation recovery and easier Las Vegas comparisons, while Morgan Stanley maintained an Underweight rating, seeing 15% downside if a People Inc. bid of $48.30 does not proceed. Seeking Alpha's Quant Rating flipped back to Buy on August 10.
Simply Wall St has raised its fair value estimate for MGM Resorts International to US$50.57 from US$49.24, citing updated assumptions for revenue growth, net profit margin, future P/E multiple, and discount rate. The revision comes as analysts weigh the proposed US$48.30 per share take-private offer from People Incorporated, with bullish targets from Deutsche Bank at US$55, JPMorgan at US$53, Truist at US$55, and UBS at US$50, while Morgan Stanley, Jefferies, and Goldman Sachs maintain more cautious stances with targets of US$43, US$48, and US$43 respectively. The updated fair value reflects a revenue growth assumption of 2.23%, a net profit margin of 2.32%, a future P/E multiple of 33.14x, and a discount rate of 12.54%.
Game of Thrones slot goes live with BetMGM in Alberta after record Ontario debut
BetMGM and Blueprint Gaming have launched the Game of Thrones slot at BetMGM Casino in Alberta, marking the title's second Canadian market following a record-breaking debut in Ontario. Since its Ontario launch, the game delivered record-setting engagement and performance metrics for BetMGM, and was ranked fifth among Canada's best-performing new online casino game launches by Eilers & Krejcik Gaming. Developed in partnership with Warner Bros. Discovery Global Experiences, the slot translates the HBO series into a feature-driven experience built around Blueprint's Money Collect mechanic, which unlocks house sigils and modifiers as players progress.
Marriott Bonvoy and BetMGM Expand Rewards Collaboration to Alberta
BetMGM and Marriott Bonvoy have expanded their rewards collaboration to Alberta, Canada, following the opening of the regulated online gambling market. Players in Alberta can now link their BetMGM and Marriott Bonvoy accounts, transfer BetMGM Rewards points into Marriott Bonvoy points, and redeem them for stays and experiences worldwide. The rollout builds on the program that first launched in the U.S. in 2024. BetMGM CEO Adam Greenblatt called the partnership a powerful differentiator, offering Albertans a world-class loyalty program with flexible redemption options. The integration is available through the BetMGM Rewards Store on the mobile app, website, or desktop.
Yakira Capital Management Urges People Board to Withdraw MGM Acquisition Proposal and Prioritize Share Repurchases
Yakira Capital Management, a long-term shareholder of People Incorporated, has publicly urged the PPLI board to withdraw its proposal to acquire the remaining shares of MGM Resorts International and instead prioritize share repurchases. In an open letter, Yakira argued that repurchasing PPLI shares at a substantial discount to intrinsic value would create significantly greater shareholder value than acquiring MGM shares at a premium. The firm noted that PPLI shares were trading below the combined value of their MGM stake and net cash, resulting in a negative valuation even before accounting for the private portfolio and headquarters. Yakira calculated that if PPLI sold its MGM shares and used the proceeds to retire its own stock, the sum-of-the-parts value would jump to over $190 per share, compared to over $71 under the current structure. The letter also expressed concerns about recent capital allocation decisions and the risks of transforming a cash-rich company into a more complex, leveraged enterprise centered on a mature gaming business.
California tribes target 2028 ballot measure to legalize online sports betting
California tribal leaders are aiming for a 2028 ballot measure to legalize online sports betting, according to Legal Sports Report. California Nations Indian Gaming Association Chair James Siva said during a podcast last week that tribes view 2028 as the target for placing a sports betting ballot initiative back before voters. The push follows the 2022 rejection of two competing measures, Proposition 26 and Proposition 27, which would have allowed in-person betting at tribal casinos and horse tracks or online and mobile betting outside tribal lands, respectively. Tribes are framing their new proposal as a safer, state-regulated alternative to the prediction markets industry. Sportsbook operators such as DraftKings, FanDuel, and BetMGM could benefit if the framework allows partnerships with tribes or other license pathways similar to prior California proposals.
Macau gaming revenue falls 8.4% in July on World Cup and typhoon disruptions
Macau gross gaming revenue fell 8.4% year over year in July to 20.3 billion patacas, or 2.5 billion dollars, according to the Gaming Inspection and Coordination Bureau. The tally was up 5.9% from June. Citi noted that premium player betting action was down 19% from a year earlier, with the World Cup a factor for the second straight month, while two typhoons also impacted traffic to and from Hong Kong and Guangdong province. For the first seven months of 2026, Macau gross gaming revenue is up 4.4% year over year to 147.2 billion patacas, or 18.2 billion dollars. Jefferies forecasts Macau gross gaming revenue will rise 2% in the third quarter and 4% in the fourth quarter, supported by events including K-pop groups Babymonster, TWS, and Enhypen, Taiwanese singer Zhao Chuan, and the NBA China Games.
MGM expects to deploy about $1 billion annually in Osaka for 2027 and 2028, targeting a fall 2030 opening
MGM Resorts International signaled it will spend roughly $1 billion in each of 2027 and 2028 on its integrated resort project in Osaka, Japan, while maintaining a fall 2030 opening timeline. CFO Jonathan Halkyard said during the company's second-quarter earnings call that the funding commitment for the second half of 2026 is expected to be $125 million to $175 million, and the project remains on time and on budget. The update came as MGM reported record second-quarter consolidated net revenue, with all-time best same-store quarterly revenue from regional operations and 20% year-over-year revenue growth at MGM Digital. In Macau, MGM China held a 16.4% market share, up a full percentage point sequentially, despite a temporary World Cup impact on June volumes. The company also disclosed that its board formed a special committee to review an unsolicited offer from People Incorporated, though executives declined to answer questions on the matter.
MGM Resorts beats Q2 CY2026 revenue estimates with $4.45 billion
MGM Resorts reported better-than-expected revenue for the second quarter of calendar year 2026, with sales rising 1% year on year to $4.45 billion. The figure edged past analyst estimates of $4.42 billion, while adjusted earnings per share of $0.59 came in 1.9% above the consensus of $0.58. Adjusted EBITDA fell well short of expectations at $610.4 million, missing the $1.19 billion estimate, and the operating margin improved to 11.3% from 9.2% a year earlier. CEO Bill Hornbuckle highlighted record consolidated revenue driven by growth in Las Vegas Strip Resorts, all-time best same-store quarterly revenue in Regional Operations, and a 20% revenue increase at MGM Digital.
Resorts World breaks ground on Queens casino expansion as rivals face delays
Resorts World New York City has broken ground on phase two of its multibillion-dollar expansion at Aqueduct in Queens, adding a 400-room hotel tower and a concert arena as part of a broader $5.5 billion integrated resort plan. The Genting Group-operated property is currently the only full-scale casino in New York City, giving it a multi-year head start over competitors. The New York State Gaming Commission approved three other locations in December, including a Bally's site in the Bronx and a casino near Citi Field backed by Mets owner Steve Cohen, but those ground-up projects are not expected to open until 2030. Wynn Resorts and MGM Resorts both withdrew from the New York City casino license bidding process, while Caesars Entertainment's Times Square project was voted down last September.
MGM Resorts Faces Regulatory and Fiduciary Scrutiny Over $18 Billion Bid
MGM Resorts International is facing regulatory and fiduciary scrutiny after People Inc. made an unsolicited $18 billion proposal to acquire the company. Nevada gaming regulators are reviewing the potential impact on MGM's casino operations and workforce, while shareholder rights law firms have opened investigations into the board's fiduciary duties and potential conflicts of interest related to the offer. The proposal values MGM at $48.30 per share, and the board's response, along with any adjustments to deal terms or structure, may influence future governance and capital allocation. Regulators have wide discretion to set conditions or request changes, and the investigations highlight that deal terms and governance protections are under close review.
BFA Law Investigates Barry Diller’s $48.30 Per Share Bid for MGM Resorts
Bleichmar Fonti & Auld LLP is investigating Barry Diller’s unsolicited bid to acquire the remaining stock of MGM Resorts International for $48.30 per share. Diller is a member of MGM’s board and controls People, Inc., formerly IAC, Inc., which is MGM’s largest single stockholder and made the offer on June 1, 2026. The investigation focuses on potential breaches of fiduciary duty due to conflicts of interest, as Diller stands on both sides of the proposed deal and other MGM fiduciaries could receive benefits not shared by all stockholders. MGM’s board stated it will carefully review the proposal to determine the best course of action for the company and its shareholders. Current MGM shareholders are encouraged to contact the firm to discuss their legal options, with representation on a contingency fee basis.
Bleichmar Fonti & Auld investigates Barry Diller's bid for MGM Resorts
Securities law firm Bleichmar Fonti & Auld LLP is investigating Barry Diller's unsolicited bid to acquire the remaining stock of MGM Resorts International for $48.30 per share. Diller, an MGM board member, made the offer through People, Inc., formerly known as IAC, Inc., which he founded and controls and which is MGM's largest single stockholder. The investigation focuses on potential breaches of fiduciary duty and conflicts of interest under Delaware law, given Diller's dual role and a governance agreement allowing People to designate two MGM directors. MGM's board stated it will carefully review the proposal to determine the best course of action for the company and all shareholders. Current MGM shareholders are encouraged to contact the firm to discuss their legal options.
MGM Resorts shares rise on reported talks with board member Barry Diller
MGM Resorts International shares rose 0.8% after The Wall Street Journal reported private discussions between the company and board member Barry Diller. Braiin Limited shares surged 16.6% after the company introduced Aria, an AI-powered agent for the real estate sector. Exxon Mobil Corporation shares gained 4.1% after oil prices surged on renewed geopolitical tensions stemming from President Donald Trump's reinstatement of a blockade on Iranian ships in the Strait of Hormuz. NVIDIA Corporation shares fell 3.5% amid a broader decline in the technology sector.
Stocks making the biggest moves midday: Braiin surges 62%, AppLovin tumbles 12%
Several stocks made significant moves in midday trading. Braiin surged 62% after launching Aria, an AI agent for the real estate industry, with its CEO citing a scalable software opportunity in a market forecast to reach $32 billion by 2033. AppLovin tumbled 12%, making it the worst-performing S&P 500 member and on pace for its sixth daily loss in seven sessions. Biogen added nearly 2% after Truist upgraded the stock to buy from hold, citing potential upside from upcoming drug trial data. U.S.-listed shares of Nio rose 3% after Goldman Sachs upgraded the stock to buy from neutral, setting a $7 price target that implies 46% upside. SpaceX fell nearly 4% to a fresh post-IPO low, approaching its $135 offering price, despite the FAA clearing the way for a flight test. U.S.-listed shares of SK Hynix tumbled 8% after their Nasdaq debut, while Seoul-listed shares sank more than 15% in their worst day ever. Memory and chip stocks were under pressure, with the Roundhill Memory ETF down 9% and the iShares Semiconductor ETF off 4%. MGM Resorts International rose more than 1% after reports of private buyout talks with Barry Diller. Energy stocks gained as oil prices rose over 4% following President Trump's reinstatement of a blockade on Iranian ships, with Valero Energy up 4% and ConocoPhillips up nearly 3%. Shopify and Deckers Outdoor Group both rose about 2% after Jefferies upgraded them to buy.
Longleaf Partners Fund Highlights MGM Resorts International in Q2 2026 Investor Letter
Longleaf Partners Fund highlighted MGM Resorts International as a positive contributor in its second-quarter 2026 investor letter. The fund noted that People Inc., formerly IAC Inc., announced a bid for control of MGM, which drove MGM's share price to the offer level. MGM also reported a quarter where Las Vegas revenues grew for the first time in almost two years, supported by a strong convention calendar. Additionally, Caesars' announcement that it was going private could be another positive for MGM on multiple levels. The fund believes the People Inc. bid could be a good way to grow and realize value per share at both companies, though details will matter.
SK Hynix, Micron lead premarket declines as chip stocks slide
U.S.-listed shares of SK Hynix tumbled 8% in premarket trading after their Nasdaq debut on Friday, when they popped nearly 13%, while Seoul-listed shares of the South Korean chipmaker sank more than 15% in their worst day ever. Memory and chip stocks broadly fell as investors reassessed the artificial intelligence trade, with the Roundhill Memory ETF off 9%, Sandisk down 5.5%, and Western Digital and Micron Technology each off 5%, while the iShares Semiconductor ETF lost 2% and Intel and Advanced Micro Devices declined more than 2.5% and 2%, respectively. CCC Intelligent Solutions rose 2% after Bloomberg reported Elliott Investment Management built a large stake before the software company began sale talks. MGM Resorts International gained more than 2% following a Wall Street Journal report that it is in private talks with Barry Diller, whose People Inc made an offer in early June that MGM has not publicly addressed. Energy stocks advanced as oil prices rose more than 3% after weekend U.S.-Iran strikes, with Valero Energy up 1.5%, ConocoPhillips up 1%, APA Corporation up 2%, and ExxonMobil and Chevron up 1%. Fastenal added 1% after Rothschild & Co Redburn initiated coverage with a buy rating, citing a shift toward larger customers. Shopify and Deckers Outdoor Group both rose after Jefferies upgraded them to buy, with Shopify up 2.5% on strong fundamentals and agentic commerce tailwinds, and Deckers up 2% on Hoka product innovation upside.
Barry Diller's People Inc. proposes acquiring MGM Resorts at $48.30 per share
Barry Diller's People Inc. has publicly proposed acquiring the remaining shares of MGM Resorts International at $48.30 each, valuing the casino and entertainment group at around $12.4 billion. MGM Resorts International's share price closed at $46.88, and the proposal comes amid a 90-day share price return of 27.56% and a one-year total shareholder return of 23.60%. The most followed narrative from Simply Wall St users places fair value at $27.97, suggesting the stock is overvalued, while the SWS DCF model estimates fair value at $61.22, indicating the stock is trading about 23.4% below its estimated future cash flow value. The competing valuations frame the $48.30 offer very differently, depending on whether one trusts cash flow or earnings multiple assumptions.
MGM in talks with People, Vertex to acquire Crinetics for $10B, and more key deals this week
MGM Resorts has reportedly started discussions with People for a potential buyout after Barry Diller’s media company offered to acquire the casino giant in a transaction worth $12.4 billion last month. Vertex Pharmaceuticals will acquire Crinetics Pharmaceuticals for a total equity value of about $10 billion, or nearly $8.8 billion net of estimated cash acquired. German engine manufacturer Deutz agreed to acquire military vehicle producer FFG Flensburger Fahrzeugbau Gesellschaft in a transaction valued at approximately €1.6 billion, or $1.8 billion. Perfect signed a definitive merger agreement with ProjectNY, an entity controlled by founder and CEO Alice Chang, under which the company will become privately held at $2.00 per share. Axos Nevada, a subsidiary of Axos Financial, announced a definitive agreement to acquire Arc Technologies, a financial technology platform serving technology and growth companies. Qiagen soared 11% after a report that the European molecular testing company is seeing early takeover interest from private equity firms including EQT AB and Advent. Marex Group agreed to acquire Bright Point International to strengthen its presence in the Asia-Pacific region and expand access to China's markets.
MGM Resorts in deal talks with Barry Diller’s People
MGM Resorts has started discussions with People for a potential buyout after Barry Diller’s media company offered to acquire the casino giant in a transaction worth $12.4 billion last month. MGM has established a special board committee and hired advisers to review the bid, which it believes undervalues the company. Bankers including some at JPMorgan Chase are advising Diller and are ready to provide financial backing. Discussions have heightened this month, but there is no guarantee of a final agreement. Diller’s firm already owns approximately a 26% stake in MGM.
People Incorporated Submits Non-Binding Proposal to Acquire Remaining MGM Shares at $48.30 Per Share
People Incorporated, formerly IAC Inc., has submitted a non-binding proposal to acquire the shares of MGM it does not already own for $48.30 per share. The company, which now trades under the ticker PPLI on NASDAQ following a transition on June 4th, operates brands such as Entertainment Weekly and Investopedia. Chairman Barry Diller stated that the firm began investing in MGM nearly six years ago due to its real-world assets and digital growth opportunities, and believes the market undervalues MGM's assets. People Incorporated's shares have risen 24% over the past year and 18% year-to-date.
Penn Entertainment Stock Could Keep Rallying on Regional Strength, Digital Turnaround, and Consolidation
Penn Entertainment shares have surged 48.3% year to date, and multiple tailwinds could extend those gains in the second half of 2026. The company’s regional casino business is showing resilience despite inflation, supported by recent property enhancements including a new hotel tower at Hollywood Casino Columbus and the debut of the Hollywood Casino and Hotel in Aurora, Illinois, a former riverboat now on land. Penn’s interactive unit is improving, with losses expected to narrow from $268 million in 2025 to just $20 million this year, as the company focuses on iGaming under the Hollywood brand in a cost-effective four-state strategy. Industry consolidation is also a positive, as buyout offers for Caesars and MGM imply Penn is undervalued, and a potential reduction in publicly traded casino stocks could increase investor focus on Penn, while possible asset sales by Caesars may create acquisition opportunities for Penn.
MGM Resorts led consumer discretionary sector in Q2; Lululemon among laggards
The consumer discretionary sector rose over 6% in the second quarter, with MGM Resorts International surging 34.14% to lead all gainers. Williams-Sonoma followed with a 32.11% gain, while eBay, DoorDash, and Ford also posted strong returns. On the downside, Tractor Supply Company fell 30.44% amid pet-category weakness, and Lululemon Athletica dropped 22.30% as it faced brand-relevance challenges and increased competition. Analysts noted that resilient consumer spending, easing oil prices, and a strong labor market supported the sector, though inflation and geopolitical risks remain key factors ahead.
Royal Caribbean Cruises Outshines MGM Resorts as the Better Consumer Stock for 2026
Royal Caribbean Cruises is the stronger buy among consumer discretionary stocks in 2026, according to a Motley Fool analysis comparing it with MGM Resorts International. Royal Caribbean reported fiscal 2025 revenue of approximately $17.9 billion, an 8.8% increase, and net income of about $4.3 billion, yielding a net margin of roughly 23.8%. In contrast, MGM Resorts posted revenue of nearly $17.5 billion with only 1.7% growth and a net margin of about 1.2%, weighed down by softening Las Vegas performance and a trimmed outlook at its BetMGM joint venture. Royal Caribbean also benefits from strong forward bookings, with roughly two-thirds of 2026 capacity already reserved at record prices, and projects double-digit earnings growth. While Royal Caribbean carries a lower forward price-to-earnings ratio of 18.3 times versus MGM's 28.9 times, MGM trades at a cheaper price-to-sales ratio of 0.7 times compared to Royal Caribbean's 4.8 times.
MGM Resorts International seen as bullish with multiple growth catalysts
A bullish thesis on MGM Resorts International highlights multiple growth drivers strengthening its earnings outlook. The company benefits from healthy Las Vegas visitation, record performance in Macau, and BetMGM reaching profitability as online gambling expands. A planned integrated resort in Japan offers long-term geographic diversification. The stock recently generated a constructive technical signal with rising volume, suggesting accelerating buying interest. MGM shares traded at $49.19 as of June 26th, with trailing and forward P/E ratios of 67.38 and 24.57 respectively.
BetMGM Opens Preregistration for Alberta Players Ahead of July 13 Market Launch
BetMGM has opened pre-registration for its online sportsbook and online casino in Alberta, with an official launch planned for July 13 pending regulatory approval. This marks the company's first international expansion since entering Ontario in 2022. To celebrate, BetMGM is sponsoring a free-to-enter sweepstakes offering Albertans a chance to win two regular season NHL tickets for the 2026-2027 season. The platform will feature over 4,000 online casino titles at launch, a premium mobile sportsbook, and integration with Alberta's centralized self-exclusion system as part of its responsible gambling tools. BetMGM has also partnered with Corus Entertainment to leverage local media assets including radio, podcasts, and streaming platforms for market engagement.
Hotel deal activity slows, with capital focusing on luxury, wellness
Hospitality and leisure M&A deal volume fell 2.5% in the first half of 2026 compared to the prior six months, but investors are concentrating on the upper end of the market, according to PwC's U.S. Deals 2026 midyear outlook. Upscale, upper upscale and luxury assets accounted for 73% of deals over the last six months, the highest concentration in two years, as buyers target segments with pricing power, repeat engagement and AI readiness. Luxury RevPAR is expected to rise 5.4% year over year in 2026, while upper upscale and upscale RevPAR is expected to increase by 2.1% and 2.7%, respectively. Two large casino transactions in late May and early June, including Fertitta Entertainment acquiring Caesars Entertainment and People Inc.'s plans to buy MGM Resorts, have boosted deal value, signaling an appetite for transformative M&A. The report also notes that buyers are paying premiums for assets with built-in wellness offerings, and that AI is reshaping deal structures, with operators lacking clean customer data seeing bids suppressed or withdrawn.
VICI Properties Faces Las Vegas Concentration Risk Despite Strong Lease Portfolio
VICI Properties holds a high-quality portfolio of experiential assets with long-term triple-net leases, but tenant and Las Vegas concentration remain key concerns. As of the first quarter of 2026, assets on the Las Vegas Strip accounted for nearly 49% of total lease revenues, while MGM and Caesars together contributed approximately 74% of lease revenues. The company owned 100 gaming and experiential properties with 100% occupancy following the Golden Entertainment transaction completed in April 2026, and its portfolio had a weighted average lease term of nearly 39.7 years. VICI had roughly $17.1 billion of debt and approximately $3.1 billion of available liquidity as of March 31, 2026. The Zacks Consensus Estimate for its 2026 funds from operations per share has been raised by a cent over the past two months to $2.46, and the stock carries a Zacks Rank #3 (Hold).
MGM Resorts and BetMGM renew multi-year partnerships with Major League Baseball
MGM Resorts International and BetMGM have renewed their partnerships with Major League Baseball under new multi-year agreements. The deals extend a relationship that began in 2018, when the companies became MLB's first official gaming and sports betting partners. MGM Resorts will remain MLB's exclusive integrated resort and casino partner, while BetMGM will continue promoting its sports betting products across MLB media platforms including MLB Network, MLB.com, and the league's digital properties in the United States and Canada. Financial terms were not disclosed.
Barry Diller Offers $48.30 Per Share to Take MGM Private in $18 Billion Deal
Billionaire Barry Diller, through his company People, has made a non-binding offer to acquire the remaining shares of MGM Resorts International he does not already own for $48.30 per share in cash, valuing the casino giant at roughly $18 billion including debt. Diller already holds about 26.1% of MGM, and the proposal would take the company private, delisting it from the stock market. MGM's board is reviewing the offer, with Stifel analyst Steven Wieczynski arguing the bid undervalues the company and that the board could push for a higher price; MGM shares were trading at $48.62, above the offer price. The company owns major Las Vegas Strip properties such as Bellagio, MGM Grand, Aria, and Mandalay Bay, and has a growing digital gambling presence through BetMGM. If the deal falls through, investors would rely on MGM's fundamentals, which include first-quarter revenue growth of over 4%, a 29% decline in adjusted earnings to $0.49 per share, and a debt-to-equity ratio of 1.93.
World Cup snaps OSB and prediction market apps out of seasonal lull, Apptopia reports
Apptopia released a new report on DraftKings Inc, Flutter Entertainment PLC, Caesars Entertainment Inc, MGM Resorts International, Kalshi, and the broader online sports betting and prediction markets. The report found that sports bettors are skewing younger and represent each app's fastest growing user segment. It also provides an in-depth look at the 2026 World Cup's impact on OSB and prediction market apps during what is normally a slow period, analyzing inflections in downloads, daily active users, and average sessions per daily active user. Using its U.S. consumer device panel, Apptopia determined what percentage of World Cup bettors are new and what percentage were once churned but re-engaged by the event.