AllAnalyst Report
logoMorningstarApril 29, 2021

MGM Resorts International: MGM Continues to See Demand Recovery, Led by the Leisure Traveler and Sports Betting

Symbols
MGM
Sector(s)
Consumer Cyclical
Rating
Current Price
$42.09
Fair Value
Economic Moat
Stewardship
Summary

MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Mirage, Luxor, New York-New York, and a 50% ownership stake in CityCenter. The Strip constituted approximately 49% of total EBITDAR in the prepandemic year of 2019. We estimate MGM will open a resort in Japan in 2027. The company also operates the 56%-owned MGM Macau casinos with a new property that opened on the Cotai Strip in early 2018.

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Analyst Profile

Dan Wasiolek

Senior Equity Analyst
Dan Wasiolek is a senior equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers gaming, lodging, and online travel.Before joining Morningstar in 2014, Wasiolek spent 16 years as an analyst and portfolio manager covering U.S. mid- and large-cap strategies for Driehaus Capital Management.Wasiolek holds a bachelor’s degree in business administration from Illinois Wesleyan University and a master’s degree in business administration, with a concentration in finance, from the DePaul University Kellstadt School of Business.